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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
  • 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

US-Iran deal eases pressure on supply chain, gov't cautious on fuel price cap

The United States and Iran are set to sign a peace agreement and reopen the Strait of Hormuz, easing concerns over crude oil supplies and broader disruptions to the global energy trade, but the Korean government is taking a prudent stance regarding the full normalization of supply chains. U.S. President Donald Trump announced on social media Sunday (local time) that “the Deal with the Islamic Republic of Iran is now complete,” adding he would authorize “opening of the Strait of Hormuz” and the removal of the U.S. naval blockade. The two countries have agreed on a framework deal to end the war, which is scheduled to be signed on Friday in Switzerland. The agreement is expected to improve crude import conditions for Korea, which sources roughly 70 percent of its oil from the Middle East as of last year, while also reducing pressures on shipping routes that have been strained for months by the conflict. The reopening of the critical oil chokepoint is set to help normalize supplies of petroleum and petrochemical products that faced delays and logistical bottlenecks after the war brok

Jun 15, 2026By Lee Gyu-lee
US-Iran deal eases pressure on supply chain, gov't cautious on fuel price cap
  • Korean firms express relief for eased uncertainties over US-Iran peace deal
Banking & Finance

Woori Bank, Hyosung sign $1.32 bil. financing deal for advanced industries

Woori Bank said Monday that it signed an agreement with Hyosung Group to provide up to 2 trillion won ($1.32 billion) in credit financing over the next five years to support investments in strategic industries. The agreement was signed at Hyosung Group's headquarters in Seoul, with Woori Bank CEO Jung Jin-wan and Hyosung Vice Chairman Lee Sang-woon attending the ceremony. Under the agreement, Woori Bank will provide up to 2 trillion won in financing over the next five years to major Hyosung affiliates, including Hyosung Corp., Hyosung Heavy Industries, Hyosung TNC and Hyosung Neochem, as the group expands investments in advanced industries. A key feature of the arrangement is a preapproved credit limit system, which allows financing capacity to be secured in advance of planned investments. The structure is intended to reduce the time required for companies to obtain funding when investment projects move forward. Under the arrangement, Hyosung will be able to draw on previously approved financing as investment plans are implemented, avoiding the need to repeat loan approval procedures for

Jun 15, 2026By Lee Hyo-jin
Woori Bank, Hyosung sign $1.32 bil. financing deal for advanced industries
Companies

SK Group chief, ex-wife fail to reach agreement in court mediation for asset division

SK Group Chairman Chey Tae-won and his former wife, Roh Soh-yeong, failed to reach an agreement in a court mediation session for the division of their assets Monday, putting the high-profile divorce settlement case back to trial proceedings. The two sides had entered mediation for the asset division after the Supreme Court remanded the case to the Seoul High Court last October, while confirming the divorce. They have remained far apart on whether Chey's SK stocks should be included in the division. The Seoul High Court decided to end mediation and hold oral arguments on June 26, as the two sides apparently failed to narrow differences. Chey and Roh both appeared for their second mediation session earlier in the day, which marked the first time the two had faced each other in court since April 2024. Chey's side has argued that the stocks should not be considered as they were inherited or gifted, while Roh's side has claimed that they fall under marital property. In May 2024, the Seoul High Court ordered Chey to pay about 1.38 trillion won ($913 million) in asset division to Roh, recognizing

Jun 15, 2026By Yonhap
SK Group chief, ex-wife fail to reach agreement in court mediation for asset division
Companies

SK Telink, KEPCO, Starlink Korea launch satellite network initiative for power grid emergencies

SK Telink, Korea Electric Power Corp. (KEPCO) and Starlink Korea have launched a three-way partnership to deploy low-Earth orbit (LEO) satellite communications technology across Korea’s power infrastructure, aiming to strengthen emergency communications capabilities during natural disasters and network outages. The companies said the initiative will begin at KEPCO’s headquarters in Naju and expand in phases toward a nationwide emergency communications network covering all 15 regional headquarters. The project is being positioned as a model for integrating global satellite communications technology into Korea’s public infrastructure systems. KEPCO operates thousands of facilities nationwide, including headquarters, regional offices, substations and field work sites. Maintaining communications during emergencies such as typhoons, wildfires and large-scale power outages has long been a challenge because terrestrial networks can be disrupted. The partners said LEO satellite systems provide a physically independent communications path that remains available even when ground-based infras

Jun 15, 2026By Jhoo Dong-chan
SK Telink, KEPCO, Starlink Korea launch satellite network initiative for power grid emergencies
Companies

CJ CheilJedang to roll out land-grown Korean seaweed

CJ CheilJedang will roll out land-grown Korean seaweed through a new commercialization facility, as the company looks to capitalize on growing global demand for Korean seaweed while responding to rising seawater temperatures and other climate change-driven disruptions. The company said Monday it will establish the land-based farming facility in Cheonan, South Chungcheong Province, in August. The move marks a commercialization stage following the company's development of Korea’s first seaweed land farming technology in 2018, successfully cultivating seaweed in a 3-ton tank in 2021 and securing a dedicated seaweed variety in 2022. The facility is scheduled for completion in the first half of next year, and seaweed products produced there will be marketed under the Bibigo Seaweed brand. To support the project, CJ CheilJedang will establish cooperation programs with local governments and fishing communities. The facility will be equipped with multiple tanks and cultivation systems. Based on its proprietary seaweed variety, seaweed life cycle control technology and integrated quality manage

Jun 15, 2026By Nam Hyun-woo
CJ CheilJedang to roll out land-grown Korean seaweed
Companies

BCCK Business Awards recognize innovation, excellence, community leadership

The British Chamber of Commerce in Korea honored companies and organizations advancing bilateral trade, sustainability, workplace inclusion and public health at its second annual British Business Awards on Friday, highlighting the growing role of business in strengthening U.K.-Korea ties. The awards, held Friday at the Four Seasons Hotel Seoul alongside the chamber’s annual King Charles III Birthday Dinner and in partnership with Dwight School Seoul, recognized organizations and initiatives across five award categories. This year's judging panel included The Korea Times' publisher and president Oh Young-jin, Dwight Seoul Head of School Tom Ferguson and British Ambassador to Korea Colin Crooks. Intralink, an international business development consultancy, received the U.K.-Korea Trade Award for its effort in helping British companies enter the dynamic Korean market by providing deep local expertise and prioritizing relationship-building, cultural bridging and long-term strategic partnerships over transactional wins. The company also helps Korean businesses gain their foothold in Britain

Jun 15, 2026By Lee Gyu-lee
BCCK Business Awards recognize innovation, excellence, community leadership
Companies

Shinsegae chairman to receive history lesson over 'Tank Day' fiasco

Shinsegae Group Chairman Chung Yong-jin will sit for a “history lesson” after the conglomerate’s Starbucks Korea rattled the country last month with its controversial “Tank Day” tumbler marketing campaign, which caused an outcry among the public and victims of the bloody crackdowns on key pro-democracy uprisings against a military junta in the 1980s. Shinsegae said on Monday that Chung will sit for a lecture on June 24, together with presidents of the group's nearly 50 subsidiaries. The lesson will be in two parts, covering historical consciousness and social sensitivity, delivered by professors from Sungkyunkwan University’s departments of history and sociology. Executives of Emart, which runs Starbucks Korea operator SCK Company, will hear the same lectures on Wednesday. Shop managers and store employees of more than 2,110 Starbucks cafes in Korea will hear it on June 22. To accommodate the class simultaneously for the cafe employees nationwide who number roughly 23,000 in overall, the company will close all Starbucks locations at 3 p.m. and play a recorded video of the le

Jun 15, 2026By Ko Dong-hwan
Shinsegae chairman to receive history lesson over 'Tank Day' fiasco
Companies

KT rolls out AI store assistant to break language barriers for int'l customers

For foreign nationals and travelers in Korea, setting up a mobile phone plan has long been a notorious bureaucratic gauntlet, complicated by rigid registration laws and a steep language barrier. KT Corp., one of the country’s dominant telecommunications carriers, is betting that artificial intelligence (AI) can solve this persistent friction point at the retail counter. The company said Monday that it is introducing an "AI Multilingual Counselor" across its retail stores, a first for the Korean telecom industry. Developed to assist foreign customers in their native tongues, the digital assistant handles inquiries regarding complex pricing structures, data plans, contract terms and corporate membership perks. The system launches with support for more than 20 languages, including English, Chinese, Thai and Vietnamese. The initiative is part of a broader push by Korean conglomerates to apply AI in customer-facing operations, a trend the industry terms "AI transformation." Rather than replacing human capital, the digital counselors are designed to act as on-floor co-pilots. At high-traff

Jun 15, 2026By Lee Kyung-min
KT rolls out AI store assistant to break language barriers for int'l customers
Companies

Korean firms express relief for eased uncertainties over US-Iran peace deal

Prospects of an imminent peace agreement between the United States and Iran have injected a wave of optimism into Korea's petrochemical, aviation and key manufacturing industries, as uncertainties surrounding oil prices and global logistics are expected to ease in the short term. The breakthrough comes as U.S. President Donald Trump said Saturday that a formal peace memorandum of understanding is slated for signing on Friday. Trump also said the Strait of Hormuz, a vital maritime chokepoint for global oil and cargo shipments, would be fully reopened immediately after the signing ceremony. The development has eased concerns over prolonged geopolitical risks for Korea's petrochemical industry, which has borne the brunt of the Middle East conflict among Korea's industries. The Hormuz blockade had severely disrupted the supply of naphtha, a key petrochemical feedstock, forcing domestic naphtha cracking centers (NCCs) to cut operating rates to as low as 50 percent and declare force majeure to overseas customers. Though structural challenges, including oversupply from Chinese rivals, remain, ma

Jun 15, 2026By Lee Min-hyung
Korean firms express relief for eased uncertainties over US-Iran peace deal
Banking & Finance

Citibank Korea marks community day with neighborhood clean-up

Citibank Korea employees, their families and staff from client companies took part in a volunteer program on Saturday as part of Citi’s annual Global Community Day initiative, the lender said Monday. Launched in 2006, Global Community Day is Citi’s flagship volunteer campaign, bringing together employees worldwide for community-based service projects. More than 1.2 million volunteers have participated since its inception. Citibank Korea CEO Yoo Myung-soon joined employees in a neighborhood clean-up around Jeong-dong in central Seoul, home to the bank’s headquarters. The group picked up litter near historic sites and took part in a guided walk exploring the district’s cultural and historical significance. “Citibank Korea is committed to supporting local communities through Citi’s global volunteer initiatives,” Yoo said. “It was especially meaningful to have not only employees and their families, but also staff from our client companies, join us this year.” This year’s campaign began with the outdoor Harmony Concert on May 27 and has since expanded into a monthlong seri

Jun 15, 2026By Park Han-sol
Citibank Korea marks community day with neighborhood clean-up
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