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  • Companies

    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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Companies

Renault Korea’s Grand Koleos shines in alleys, on mountain roads

For decades, French vehicles have earned recognition for their ability to absorb minor road imperfections with ease while maintaining smooth and confident cornering. The need to maneuver through narrow urban streets and navigate sharp bends on mountainous roads led French automakers to develop suspension systems that focused on ride comfort and balanced handling. The narrow, winding streets of Paris and the twisting mountain roads of the Alps and Pyrenees have long demanded agility, composure and refinement from French automobiles — characteristics that have become hallmarks of the country’s automotive engineering. This driving philosophy became deeply embedded in the engineering of Renault, one of France’s most iconic carmakers, and that heritage is clearly evident in Renault Korea’s Grand Koleos. The SUV features optimized front and rear suspension systems, allowing it to absorb impact from uneven road surfaces while maintaining a stable posture during sudden directional changes. Vibrations transmitted into the cabin are effectively minimized over rough pavement, while the vehi

May 25, 2026By Lee Min-hyung
Renault Korea’s Grand Koleos shines in alleys, on mountain roads
Companies

Shinsegae chief to issue in-person apology over Starbucks Korea's 'Tank Day' marketing controversy

Shinsegae Group Chairman Chung Yong-jin is set to issue a public, in-person apology on Tuesday over the controversy surrounding Starbucks Korea’s recent marketing campaign, which has drawn public backlash after critics said it inappropriately referenced Korea’s pro-democracy movement of the 1980s. “Chairman Chung Yong-jin plans to offer a direct apology to all those who were hurt by Starbucks Korea’s inappropriate marketing campaign carried out on the anniversary of the May 18 Uprising,” the group said in a press statement, Sunday. Emart, an affiliate of Shinsegae Group, is the largest shareholder of Starbucks Korea. It added the venue will be held at Josun Palace in southern Seoul, a hotel owned by the group. The apology comes after the coffee chain launched a tumbler-related promotional event titled “Tank Day” on May 18, the date marking the annual commemoration of the Gwangju Democratic Uprising. The campaign drew criticism as the title was seen as evoking military vehicles used during the 1980 Gwangju crackdown under the military junta of Chun Doo-hwan, who became pres

May 24, 2026By Ko Dong-hwan
Shinsegae chief to issue in-person apology over Starbucks Korea's 'Tank Day' marketing controversy
Companies

LG hosts multicultural youth camp to foster global student growth

LG held a two-day immersive camp for middle school students from multicultural backgrounds on Saturday and Sunday, as part of its long-running multicultural education initiative, LG Global School. Over the weekend, the camp brought together around 90 students representing eight language backgrounds nationwide in Gangneung, Gangwon Province, for intensive training designed to strengthen bilingual proficiency and deepen cross-cultural understanding. Launched in 2010, LG Global School is the company’s corporate social responsibility program in partnership with government and academia. The program selects roughly 450 elementary and middle school students annually for a two-year curriculum. In partnership with academic institutions including Hankuk University of Foreign Studies and Seoul National University, it focuses on improving proficiency in eight languages — including Vietnamese, Chinese, Thai and Russian — while also strengthening students’ cultural and scientific competencies. More than 7,000 students have completed the program as of last year. LG positions multicultural youth a

May 24, 2026By Lee Gyu-lee
LG hosts multicultural youth camp to foster global student growth
Tech & Science

1st-ever strike looms at Kakao as final mediation talks set for Wed.

Kakao’s first-ever strike hangs in the balance as the company’s labor union and management prepare to hold a second — and final — mediation session Wednesday. Unless the two sides reach a deal in talks overseen by the Gyeonggi Regional Labor Relations Commission, employees at the operator of Korea’s most widely used messaging app, KakaoTalk, and its four affiliates are expected to walk off the job. The union filed for mediation with the commission after wage negotiations with management broke down on May 18. The mediation period, which may be extended by up to 10 days with mutual consent, was subsequently extended following the first round of talks. Two days later, the union said workers at Kakao and four affiliates — Kakao Pay, Kakao Enterprise, DK Techin and XL Games — voted in favor of a strike. The union is also said to be considering a range of collective actions, including strikes, work-to-rule campaigns and slowdowns. The union is reportedly seeking performance-based incentives equivalent to around 13 to 14 percent of the IT giant's operating profit. It has also call

May 24, 2026By Lee Gyu-lee
1st-ever strike looms at Kakao as final mediation talks set for Wed.
Companies

Starbucks Korea prepaid balances top $28 mil. amid regulatory blind spot

The combined balance of prepaid funds loaded onto Starbucks Korea cards stood at 420 billion won ($276 million) as of the end of 2025, data showed Sunday, raising concerns over a regulatory blind spot and prompting calls for tighter supervision by financial authorities. According to Starbucks Korea's audit report, the amount marked an 8.2 percent increase from 395 billion won a year earlier. Despite holding a massive amount of customer funds loaded onto prepaid cards, Starbucks Korea is not subject to regulations governing prepaid electronic payment instruments. Under South Korean law, prepaid instruments refer to payment methods used to purchase goods or services from third parties, which excludes Starbucks Korea's prepaid cards because the company acts as both the issuer and place of use. Experts say refunds are effectively limited because customers must use at least 60 percent of the remaining balance before requesting a refund. Starbucks Korea, meanwhile, has faced calls from activists and consumers to offer an unconditional refund policy following its recent controversial marketing e

May 24, 2026By Yonhap
Starbucks Korea prepaid balances top $28 mil. amid regulatory blind spot
Companies

Top 5 firms account for 44% of Korea's exports in Q1: data

The top five companies, including Samsung Electronics and SK hynix , accounted for around 44 percent of Korea's total exports in the first quarter, data showed Sunday, amid soaring global demand for memory chips driven by the artificial intelligence (AI) boom. According to the Ministry of Data and Statistics, the five exporters posted combined outbound shipments of $95.7 billion, or 43.5 percent of the country's total exports of $219.9 billion, in the January-March period. The ratio marked a 14.8 percentage point jump from 28.7 percent recorded in the same period of 2025, reflecting Korea's growing dependence on major tech firms for exports. The top five companies saw their exports increase by $50 billion on-year in the first quarter, accounting for 82.8 percent of the country's total export growth during the period, the data showed. Experts said Korea's recent export gains were driven by the AI boom rather than a broader recovery in the global economy, noting the disparity may deepen further down the road. "The global economy is only enjoying prosperity within the AI industry's value cha

May 24, 2026By Yonhap
Top 5 firms account for 44% of Korea's exports in Q1: data
Tech & Science

Samsung chief discusses potential partnership with Taiwan's top fabless firm

Samsung Electronics Chairman Lee Jae-yong met with the head of MediaTek, Taiwan's leading fabless semiconductor company, earlier this week to discuss partnership, industry sources said Friday. Lee met with Rick Tsai, chief executive officer of MediaTek Inc., in Taiwan on Thursday as part of Samsung's efforts to bolster its foundry business in response to soaring chip demand from the artificial intelligence (AI) industry, according to the sources. The meeting was also seen as part of Samsung's efforts to ease concerns among global partners after the world's largest memory chip maker reached a last-minute agreement with its labor union that averted possible disruptions to the global supply chain. Industry watchers said Samsung and MediaTek may have held detailed discussions on possible partnerships during the high-level meeting. MediaTek currently places orders with TSMC. Fabless firms design semiconductors without owning fabrication facilities, while foundries manufacture chips designed by such companies. Samsung recently secured foundry orders from major global companies such as Tesla and

May 22, 2026By Yonhap
Samsung chief discusses potential partnership with Taiwan's top fabless firm
Companies

HD Hyundai, Mykolaiv Oblast sign MOU to redevelop war-torn Ukraine

Engineering giant HD Hyundai will expand efforts to rebuild war-torn Ukraine by diversifying support channels using its construction equipment arm. HD Hyundai Construction Equipment said Friday it signed a memorandum of understanding (MOU) with Ukraine’s Mykolaiv Oblast State Administration to provide the support package. HD Hyundai Vice Chairman Cho Young-cheol, HD Hyundai Construction Equipment President Moon Jae-young and Mykolaiv Oblast Governor Vitaliy Kim signed the deal. The signing took place at HD Hyundai’s Global R&D Center in Seongnam, Gyeonggi Province, Thursday. The MOU followed HD Hyundai Construction Equipment’s donation of five vehicles including excavators and forklifts in 2023. Under the renewed partnership, the Korean firm will not only provide more construction vehicles but establish a vehicle control training center in Mykolaiv Oblast and provide maintenance and related services. Funding and restoring local energy infrastructures in the Ukrainian province were also included. The Korean firm said the partnership has advanced to a mid- to long-term plan. HD Hyun

May 22, 2026By Ko Dong-hwan
HD Hyundai, Mykolaiv Oblast sign MOU to redevelop war-torn Ukraine
Companies

Samsung union members begin vote on tentative agreement

Members of Samsung Electronics’ labor unions began mobile voting on a tentative agreement reached between their leadership and management, the final phase before the two sides’ labor dispute is settled. According to the unions, approximately 87,000 members of Samsung Electronics Labor Union (SELU) and National Samsung Electronics Union (NSEU) began casting their votes on the tentative agreement at 2 p.m. Friday. The voting will continue for six days until 10 a.m. Wednesday. The tentative agreement will be finalized if a majority of union members eligible to vote participate in the ballot and more than half approve it. If the agreement fails to win majority support, it will be rejected and labor and management will have to go back to the negotiating table. The agreement, reached Wednesday just hours before the unions were to launch a general strike, centers on distributing part of the company’s operating profit to employees as performance bonuses. The bonus system consists of two categories. The first is Samsung’s existing overall performance incentive (OPI). The agreement states

May 22, 2026By Nam Hyun-woo
Samsung union members begin vote on tentative agreement
Business

Korea becomes world’s No. 2 cosmetics exporter as trade surplus tops $10 bil.

Korea's cosmetics trade surplus reached $10.1 billion in 2025, surpassing the $10 billion threshold for the first time and rising 13.5 percent from 2024, the Ministry of Food and Drug Safety said Friday. Exports hit a record $11.4 billion, up 11.8 percent year-on-year, while imports edged down 2.3 percent to $1.29 billion. Korea's cosmetics exports ranked second globally in 2025, overtaking the United States. France led with $24.3 billion, followed by Korea at $11.4 billion and the United States at $10.8 billion. The cosmetics trade surplus of $10.1 billion accounted for 12.9 percent of Korea's total trade surplus of $78 billion last year, making the sector one of the country's leading contributors to the overall balance. Skin care products led export categories at $8.53 billion, or 74.7 percent of total exports, followed by color cosmetics at $1.51 billion, or 13.2 percent. Together they accounted for 87.9 percent of all cosmetics exports. By destination, the United States ranked first among individual export markets at $2.2 billion, topping China for the first time. China came second a

May 22, 2026By Jhoo Dong-chan
Korea becomes world’s No. 2 cosmetics exporter as trade surplus tops $10 bil.
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