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    Korea mounts final push for Canada's $39 bil. submarine project

    The Korean government and defense players are making last-ditch efforts to win Canada’s next-generation submarine project worth up to 60 trillion won ($39.14 billion), as Ottawa is expected to select a preferred bidder by the end of this month. Under the Canadian Patrol Submarine Project, the Royal Canadian Navy’s aging fleet of four Victoria-class submarines will be replaced with 12 new 3,000-ton diesel-electric vessels. The comprehensive contract includes long-term maintenance, repair and overhaul (MRO) lifecycles. With a decision looming, Seoul has elevated its bid to top-tier head-of-state diplomacy, seeking to give Korea’s consortium, led by Hanwha Ocean, an edge over rival bidder TKMS of Germany — a traditional heavyweight in submarine technology — in the closely contested race. President Lee Jae Myung recently provided critical diplomatic backing during a bilateral summit with Canadian Prime Minister Mark Carney on the sidelines of the Group of Seven summit in Evian-les-Bains, France. Lee said he emphasized Korea’s readiness to contribute to Canada’s defense capabil

    3 MIN READBy Lee Min-hyung
    Korea mounts final push for Canada's $39 bil. submarine project
  • Companies

    LG’s top execs to visit Nvidia headquarters for ties in AI, robotics

    1 MIN READBy Lee Min-hyung
    LG’s top execs to visit Nvidia headquarters for ties in AI, robotics
  • Tech & Science

    Korean battery makers accelerate push into US ESS market

    2 MIN READBy Lee Gyu-lee
    Korean battery makers accelerate push into US ESS market
  • Banking & Finance

    Woori Financial steps up productive finance with $6.5 bil. boost

    2 MIN READBy Lee Hyo-jin
    Woori Financial steps up productive finance with $6.5 bil. boost
  • Companies

    Coway targets smaller households with compact food waste processor

    2 MIN READBy Lee Gyu-lee
    Coway targets smaller households with compact food waste processor
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Banking & Finance

Finda, Upstage team up to build finance-focused agentic AI platform

Fintech platform Finda has signed a memorandum of understanding with artificial intelligence (AI) startup Upstage to jointly develop an agentic AI platform tailored to financial services, the company said Wednesday. The partnership will combine Finda's financial expertise and proprietary data with Upstage's large language model (LLM) technology to develop AI agents designed for use across financial institutions. Under the agreement, Finda will provide financial domain data, support model fine-tuning through direct preference optimization (DPO) labeling, deploy financial specialists for user acceptance testing and advise on regulatory and compliance matters. Upstage will lead the development of finance-specific AI models based on its proprietary LLM Solar, while also building an agent training platform. The company is set to oversee the design, development and testing of the AI agents, as well as platform implementation and project management. The two parties also plan to explore new business opportunities for AI agents in financial services and collaborate on marketing and promotional ac

Jun 10, 2026By Park Han-sol
Finda, Upstage team up to build finance-focused agentic AI platform
Companies

Baskin-Robbins bets on AI to answer franchisees’ questions in real time

Baskin-Robbins franchise owners in Korea may soon have a new source of support for everything from product launches to store operations: an artificial intelligence (AI) chatbot designed to answer questions instantly. Hyundai Futurenet, the information and communications technology arm of Hyundai Department Store Group, said Wednesday it had signed a contract with BR Korea, the operator of Baskin-Robbins in Korea, to supply an AI assistant service for stores, with deployment scheduled within the year. The mobile-based chatbot is designed for franchise owners and store employees seeking quick answers related to day-to-day operations. Users can type questions into a chat interface and receive immediate responses, mimicking a natural conversation, the company said. The service will provide information ranging from newly launched products and promotional events to operational manuals and workplace guidelines, according to Hyundai Futurenet. The chatbot is being developed using OptiForce, Hyundai Futurenet’s integrated AI platform. The company said OptiForce is designed to understand the conte

Jun 10, 2026By Lee Kyung-min
Baskin-Robbins bets on AI to answer franchisees’ questions in real time
Tech & Science

Samsung SDS partners with AI security firms to boost cloud protection

Samsung SDS is partnering with U.S.-based artificial intelligence (AI) security startup XBOW and Korean cloud security firm Tatum Security to strengthen its AI-powered cloud security capabilities. The company said Wednesday that the partnerships with specialized AI security firms at home and abroad will enhance its end-to-end cloud security framework, spanning vulnerability detection, integrated monitoring and incident response, helping its customers adopt and operate AI and cloud environments more securely. “Through collaboration with advanced security startups at home and abroad, we have built a comprehensive cloud security framework covering prevention, monitoring and recovery,” said Chang Yong-min, head of Samsung SDS’ security business unit. “By combining advanced global technologies, locally tailored solutions and Samsung SDS’ operational expertise, we will proactively address the growing wave of security threats driven by enterprise AI adoption.” Through its partnership with XBOW, Samsung SDS will expand AI-based vulnerability detection for web-based IT assets. Founded

Jun 10, 2026By Lee Gyu-lee
Samsung SDS partners with AI security firms to boost cloud protection
Companies

Samsung tops global chipmakers with nearly $59.2 bil. in investment

Samsung Electronics spent nearly 90 trillion won ($59.2 billion) on capital expenditures and research and development (R&D) in 2025, making it the biggest investor among the world's top 10 semiconductor companies, industry data showed Wednesday. The Korean tech giant invested 89.9 trillion won, comprised of 52.2 trillion won in capital expenditures and 37.7 trillion won, in R&D last year, according to data compiled by corporate tracker CEO Score. Samsung's investment far exceeded that of second-ranked Taiwanese semiconductor giant TSMC, which spent 69.4 trillion won. Despite a sharp decline in earnings in 2023 due to a downturn in the chip industry, Samsung Electronics continued to increase investment. Its operating profit fell 84.9 percent on-year to 6.57 trillion won in 2023, but the company invested 88.9 trillion won that year, more than 13 times its operating profit. Industry observers say Samsung's aggressive spending during the semiconductor downturn helped lay the groundwork for the industry upcycle that began gaining momentum last year. "Given the nature of the semiconductor indust

Jun 10, 2026By Yonhap
Samsung tops global chipmakers with nearly $59.2 bil. in investment
Companies

BYD to debut signature hybrid vehicle technology at Busan Int'l Mobility Show

BYD Korea will showcase its proprietary hybrid vehicle technology at the Busan International Mobility Show 2026, stepping up its campaign to win over consumers in one of Asia’s most competitive auto markets. The Chinese electric vehicle (EV) giant plans to unveil its Dual Mode-intelligent (DM-i) eco-friendly technology at the exhibition, which runs from June 26 to July 5 at the BEXCO convention center. Operating under the theme “The Power of Duality,” the showcase is designed to highlight the company's dual focus on its established commercial vehicle lineup — now in its 10th year in Korea — and its rapidly expanding passenger vehicle division. BYD’s aggressive push into Korea comes as the brand hits a key milestone, recently surpassing 10,000 cumulative vehicle sales in the country. The company noted that the figure represents one of the fastest sales trajectories achieved by a foreign auto brand in Korea. Central to BYD's strategy is its DM-i system, an “electric-first hybrid” platform developed over 18 years that pairs a high-efficiency engine with a high-performance m

Jun 10, 2026By Lee Kyung-min
BYD to debut signature hybrid vehicle technology at Busan Int'l Mobility Show
Companies

SKT, NTT, Chunghwa Telecom to jointly launch $500 mil. AI fund

SK Telecom said Wednesday it will establish a $500 million artificial intelligence (AI) investment fund with Japan's NTT and Taiwan's Chunghwa Telecom, marking a cross-border push by three of East Asia's largest telecommunications companies to jointly develop the global AI ecosystem. The three companies announced the plan at a joint press conference at NTT's headquarters in the Otemachi business district of Tokyo. The fund, called the IOWN AI Fund — named after NTT's Innovative Optical and Wireless Network initiative — will be managed through a newly incorporated fund management company called Catalight Capital, jointly established by the three telecom companies and based across Silicon Valley and East Asia. The fund is expected to reach $500 million in total commitments and will target startups and technology companies in North America, Asia and Europe across five areas: AI data center infrastructure, such as power efficiency optimization and liquid cooling; AI semiconductors, including accelerators, graphics processing units and neural processing units; AI service applications in

Jun 10, 2026By Jhoo Dong-chan
SKT, NTT, Chunghwa Telecom to jointly launch $500 mil. AI fund
Tech & Science

Korea, China urged to deepen tech cooperation despite intensifying competition

Korea and China should seek deeper cooperation in emerging technologies despite growing competition and worsening global fragmentation, scholars said Tuesday, arguing that no country can dominate the next wave of innovation alone. The remarks came at the Gather in Shenzhen forum at Hanyang University in Seoul, part of a three-day event organized by Shenzhen Media Group ahead of this year’s Asia-Pacific Economic Cooperation (APEC) meeting in Shenzhen. Speaking at a session on technology innovation, Lee Hee-ok, emeritus dean of Sungkyun Institute of China Studies, said Korea's ambition to become one of the world's top three artificial intelligence (AI) powers would require strategic investment and international collaboration. "Every country today is moving within a similar framework of competition," Lee pointed out. "No country can win in every field." Instead, Korea should focus on becoming a "strategic linchpin" — ensuring that the global technology ecosystem cannot function without Korean capabilities, he said. Lee said Korea's strengths lie in memory semiconductors and precision man

Jun 10, 2026By Yulu Ao
Korea, China urged to deepen tech cooperation despite intensifying competition
Companies

Incheon airport immigration on high alert ahead of BTS concert in Busan

The Incheon Airport Immigration is on high alert over an anticipated surge in international arrivals ahead of the upcoming BTS concert in the nation’s southeastern port city of Busan. The two-day concert, which kicks off Friday, will attract a huge number of foreign tourists, so the organization has expanded the number of immigration officers on duty for four days starting Wednesday. The immigration office is in charge of overseeing the entry and departure of foreigners at Incheon International Airport. According to data from the authority, the number of foreigners entering through the airport on Thursday is estimated to reach around 48,660, up 15 percent from the previous week. The office plans to deploy additional supervisory and guidance staff throughout inspection halls around the airport and conduct advance monitoring of foreign passenger arrivals by flight to reduce crowding and improve passenger flow. “We remain highly vigilant over the possible influx of foreign tourists and are making concerted efforts to minimize waiting times at immigration checkpoints,” an official from

Jun 10, 2026By Lee Min-hyung
Incheon airport immigration on high alert ahead of BTS concert in Busan
Companies

Gov't vows support for Korean firms joining Middle East rebuilding projects

The government will offer proactive support for Korean businesses seeking to participate in reconstruction projects in the Middle East, the finance ministry said Wednesday. Finance Minister Koo Yun-cheol discussed the agenda during a meeting with other economic ministers on external affairs, noting demand for infrastructure upgrades is expected to increase in major Middle Eastern countries following the end of the conflict between the United States and Iran. During the meeting, the government announced plans to proactively support Korean firms seeking to participate in plant, energy, transportation, logistics and digital infrastructure projects in various countries. Korea will work closely with overseas missions and related organizations to identify potential projects, while expanding high-level exchanges with partner nations, the ministry added. Koo said the Korean economy has been maintaining a solid recovery trend on the back of robust exports led by chips, despite the lingering external uncertainties. The finance minister added the government will continue to build on the recovery tre

Jun 10, 2026By Yonhap
Gov't vows support for Korean firms joining Middle East rebuilding projects
Companies

FORUM Korean beauty, fashion, content riding AI wave

Korean companies in the beauty, fashion and content industries are riding the artificial intelligence (AI) wave and making innovative changes and profits from it. At the same time, riding this technological wave without a safety belt poses challenges and serves as a reminder of the importance of using rapidly growing AI as a tool, rather than something that renders humans expendable. At The Korea Times Forum, co-hosted by GR Korea in Seoul on Tuesday, held under the theme, “Made in Korea: Global and AI enablement,” representatives of four companies in the K-beauty, K-pop and apparel manufacturing sectors shared how AI could be both boon and bane. They said that AI, as much as it has now generated irreplaceable demand worldwide, should be used carefully so that its comprehensive and fast computing power does not tower over humans. The forum’s second session, titled “AI, K-beauty, K-content and Other Key Strategic Industries for Korea’s Future,” featured executives from K-pop content developer Kakao Entertainment, fashion original design manufacturer Hansae, beauty content dev

Jun 9, 2026By Ko Dong-hwan
[FORUM] Korean beauty, fashion, content riding AI wave
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