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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
  • 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
  • Companies

    Samsung reviews HBM sales strategy, long-term agreements with key customers

    1 MIN READBy Yonhap
    Samsung reviews HBM sales strategy, long-term agreements with key customers
  • Banking & Finance

    Household lending at banks jumps in Q2 on leveraged investing, mortgage demand

    1 MIN READBy Yonhap
    Household lending at banks jumps in Q2 on leveraged investing, mortgage demand
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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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Companies

Coupang expresses regret over situation that led to CEO's US testimony

Coupang on Tuesday expressed regret over the situation involving multiple allegations surrounding the company after interim CEO Harold Rogers was deposed before the U.S. House Judiciary Committee as part of a congressional investigation into the firm’s treatment in Korea. "We regret the circumstances in Korea that led to today's Congressional deposition, and we remain committed to seeking a constructive resolution," Robert Porter, chief global affairs officer at Coupang, said in a statement. Following Coupang's massive data leak scandal last year, the Korean government has launched a series of intense investigation into the firm and the interim CEO, which the U.S. viewed as "unfair targeting" of the U.S. company. The company did not share any other details over the closed-door testimony by Rogers, only saying that it hopes to "serve as a bridge" between Korea and the U.S., so both countries can improve their bilateral economic relationship.

Feb 24, 2026By Lee Min-hyung
Coupang expresses regret over situation that led to CEO's US testimony
Banking & Finance

Insurance sector accelerates AI shift across core processes

Insurance companies are accelerating the deployment of artificial intelligence (AI) agents across their core operations, from policy underwriting and sales support to claims assessment and payouts, industry officials said Monday. The sector’s broader push toward AI transformation (AX) is expected to enable customers to receive faster, more consistent guidance without waiting, while helping companies reduce operating costs and improve profitability over the long term. Last Thursday, DB Insurance rolled out an AI-enabled claims platform that embeds conversational assistance throughout the process, from incident reporting to settlement. The system provides step-by-step instructions and situation-specific responses while automating routine inquiries and paperwork guidance to enhance both processing speed and accuracy. On Feb. 12, Shinhan Life unveiled Life Copilot, a generative AI-driven advisory tool designed to support insurance planning. By analyzing client data and advisor behavior patterns, it recommends suitable products in real time and assists with drafting and revising policy pro

Feb 24, 2026By Jun Ji-hye
Insurance sector accelerates AI shift across core processes
Tech & Science

Samsung SDS flags top 5 cybersecurity threats for 2026

Samsung SDS has published its report on the five major cybersecurity risks for 2026, Monday, based on an analysis of major cyber incidents in Korea and abroad over the past year. The company forecasted that the five most critical risks expected to dominate corporate security agendas this year are artificial intelligence (AI)-driven cyberattacks, ransomware, cloud vulnerabilities, phishing and data security breaches. The report, based on surveys of 667 IT and security professionals, outlined that the rapid adoption of generative AI — particularly AI agents autonomously executing tasks — could result in excessive access privileges, unauthorized operations and data leaks. It advised businesses to implement AI guardrails, such as real-time oversight, automated blocking and human approval systems for high-risk commands such as modifying sensitive data or executing payments. “AI and AI agents will amplify emerging threats, from meticulous phishing attempts to data leaks and attacks targeting AI-powered environments,” said Chang Yong-min, Samsung SDS head of security business unit. “Tr

Feb 23, 2026By Lee Gyu-lee
Samsung SDS flags top 5 cybersecurity threats for 2026
Companies

Korea, Brazil forge business ties in 3 strategic sectors

Korea and Brazil agreed on Monday to strengthen cooperation in three key strategic areas — culture, agriculture and advanced manufacturing — during a business forum on the occasion of Brazilian President Luiz Inacio Lula da Silva's state visit to Korea. The event was co-hosted by the Federation of Korean Industries (FKI) and the Brazilian Trade and Investment Promotion Agency. Around 400 government officials and business leaders from both countries took part in the forum in Seoul, including Korea’s Industry Minister Kim Jung-kwan. Approximately 300 business delegates accompanied Lula on his state visit, nearly double the size of the delegation that joined his previous state visit here 21 years ago. In the session titled "Health, Lifestyle and Creative Industries," both sides explored ways to deepen collaboration in cultural content by riding the growing popularity of Korean content in South America. Participants also examined potential synergies between Brazil’s abundant ingredients for cosmetics and Korea’s beauty industry. Speakers at the agrifood industry session presented c

Feb 23, 2026By Lee Min-hyung
Korea, Brazil forge business ties in 3 strategic sectors
Companies

Starbucks launches Aerocano in Korea, 1st worldwide

Starbucks will launch a new type of americano drink for the first time in Korea, targeting the country's significant scale of iced coffee aficionados. Starbucks Korea said Monday it will introduce the Aerocano at Starbucks cafes here on Thursday. The Aerocano is an iced-only coffee that elevates the americano by applying a barista’s technique to create a creamy and velvety foam layer with a smooth mouthfeel. The Aerocano is made with aeration that creates an airy, creamy texture, softening the bold taste of espressos. "The Aerocano is our new alternative for customers who enjoy classic iced coffees such as Iced Americano and Cold Brew. Customers can enjoy a fuller coffee taste along with the visually appealing cascading pour as the beverage settles," a Starbucks Korea official said. The Aerocano's world premiere in Korea is backed by the country's unique coffee market, where more than 70 percent of the company's annual sales have been from Iced Americanos over past three years. The trend has given rise to the term “eol-juk-ah,” short for a Korean phrase meaning “Iced Americano ev

Feb 23, 2026By Ko Dong-hwan
Starbucks launches Aerocano in Korea, 1st worldwide
Tech & Science

Kakao Mobility signs mobility solution export deal with Saudi Arabia

Kakao Mobility said Monday it has signed a paid proof-of-concept (PoC) agreement to supply its integrated mobility solution to Saudi Arabia’s massive smart city development in Diriyah, marking the first major application of the company's technology overseas. The company signed a memorandum of understanding with Diriyah Company, the developer behind the 90 trillion won ($62.5 billion) project, in May last year to co-develop next-generation mobility services. The latest agreement is for a paid pilot project aimed at verifying its feasibility and effectiveness before full-scale implementation. Under the new agreement, Kakao Mobility will deploy a full package of its technology and operating model, from digitizing local parking infrastructure to adapting the Kakao T user interface and backend systems. The company will supply its system across three major zones of the Diriyah project with roughly 5,000 parking spaces. If the PoC is successful, they will explore expanding the solution across Diriyah’s broader mobility network with parking capacity for over 60,000 vehicles. “This agreemen

Feb 23, 2026By Lee Gyu-lee
Kakao Mobility signs mobility solution export deal with Saudi Arabia
Companies

US investigation into 'unfair' trade practices looms with new tariff risks to Korea

Korea faces renewed trade tensions with the United States, as the world’s largest economy signals the possibility of investigating trading partners' "unfair" practices to justify its imposition of additional tariffs on Seoul’s key export items. The move comes as U.S. President Donald Trump seeks alternatives to his "reciprocal tariff policy" following constraints imposed by the country’s Supreme Court. Trump invoked Section 122 of the Trade Act to impose a new global tariff rate of 15 percent, which can remain in effect for up to 150 days but requires congressional authorization to extend past that point. U.S. Trade Representative (USTR) Jamieson Greer said in an interview with ABC on Sunday (local time) that there are other methods of imposing tariffs after those declared under Section 122, including investigating trading partners for violations of trade rights or threats to national security under Section 301 of the Trade Act or Section 232 of the Trade Expansion Act. With Section 232 already providing grounds for Washington's item-specific tariffs on Korean automobile and steel

Feb 23, 2026By Lee Min-hyung
US investigation into 'unfair' trade practices looms with new tariff risks to Korea
Tech & Science

Korean telecom firms to showcase AI-based mobile tech at upcoming MWC 2026

Korea's three major mobile carriers are set to showcase their latest artificial intelligence (AI) technologies at the Mobile World Congress (MWC) 2026 in Spain next month, the companies said Monday. The four-day event will open in Barcelona on March 2 under the theme "The IQ Era," highlighting innovations in mobile and AI technologies from global tech leaders. SK Telecom will operate a 992-square-meter booth at Fira Barcelona Gran Via, the event's main venue, presenting its full-stack AI capabilities spanning infrastructure, models and services under the banner of "AI for Infinite Possibilities." The company will conduct a live demonstration of A.X K1, its hyperscale AI model proposed for Seoul's government-led sovereign AI foundation model project. KT will present its AI technologies at a pavilion modeled after Gwanghwamun Square, the historic public plaza in central Seoul, symbolizing the convergence of technology and culture. In its AI transformation (AX) section, KT will introduce Agentic Fabric, a corporate AI-based operating system designed to enhance productivity. Other solutions,

Feb 23, 2026By Yonhap
Korean telecom firms to showcase AI-based mobile tech at upcoming MWC 2026
Companies

PHOTO BBQ's 1st store in Honduras

BBQ opened its first Honduran outlet in San Pedro Sula, and is scheduled to open a total of four stores in the country by the first quarter of this year as part of its expansion strategy in Central America. Courtesy of Genesis BBQ

Feb 23, 2026By Lee Min-hyungphoto
[PHOTO] BBQ's 1st store in Honduras
Companies

POSCO Future M listed on S&P Sustainability Yearbook for 3 straight years

POSCO Future M said Monday it was listed for the third consecutive year in the S&P Global’s Sustainability Yearbook 2026, a list that recognizes global leaders in environmental, social and corporate governance (ESG) practices. Since 1999, S&P Global has published the Sustainability Yearbook based on its corporate assessment of ESG values. The list is widely regarded as a credible benchmark that measures companies’ global ESG leadership. Last year, the rating house assessed approximately 9,200 listed global companies in 59 industries and awarded 848 companies with ratings of “Top 1 percent,” “5 percent,” “10 percent” and “Member (15 percent).” Firms with scores that improved by more than 5 percent from a year earlier were granted the “Industry Mover” title. In the 2026 edition, POSCO Future M received Member ratings in the field of Electrical Components & Equipment. It was recognized as a Member and Industry Mover in 2024 and a Member in 2025. POSCO Future M received favorable assessments in carbon emission reductions, supply chain management and strengthened safet

Feb 23, 2026By Nam Hyun-woo
POSCO Future M listed on S&P Sustainability Yearbook for 3 straight years
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