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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.

SK Enmove makes inroads into India's lubricant market

SK Enmove, the lubricant manufacturing unit of SK Innovation, said Thursday it has signed an agreement with Gabriel India, an affiliate of Indian automotive components maker Anand Group, to establish a joint venture in India. The Korean company will hold a 51 percent stake in the new entity, SK Enmove Gabriel India, while the Indian firm will own the remaining 49 percent. With the joint venture, SK Enmove aims to expand its presence in the world's third-largest automobile market with the world's largest population of 1.42 billion. "The joint venture will work to strengthen its sales network and market the brand," SK Enmove said in a press release. "Following its establishment in December, the new company plans to offer a range of products from engine oil and industrial lubricants to specialized lubricants for electric vehicles." Anand Group has set up 13 joint ventures with global companies such as HL Holdings and Henkel, building sales networks throughout India. In partnership with SK Enmove's high-quality products and technological expertise, both companies plan to establish a foundati

Oct 16, 2025By Park Jae-hyuk
SK Enmove makes inroads into India's lubricant market

Supreme Court approves suspended prison sentence for Hyosung chief

The Supreme Court on Thursday upheld a lower court's suspended prison sentence for Hyosung Group Chairman Cho Hyun-joon, seven years and nine months after he was indicted for embezzlement and other charges. Cho was indicted in January 2018 on multiple charges, including incurring 17.9 billion won ($12.6 million) in losses for a Hyosung subsidiary, making an illicit profit of 1.2 billion won through art transactions and paying 1.6 billion won in salaries to false employees. A district court handed out a two-year prison sentence to Cho in 2019 but the Seoul High Court granted a suspended prison sentence after acquitting him of most charges the following year. He was convicted only on the charge of embezzling 1.6 billion won from company coffers. Approving the appellate court's two-year prison sentence, suspended for three years, for Cho, the Supreme Court said there was no error or misunderstanding of the legal principles in the lower court's verdict.

Oct 16, 2025By Yonhap
Supreme Court approves suspended prison sentence for Hyosung chief

BGF Retail to export CU products to China

The operator of the country’s major convenience store brand CU will export its private brand products to China, opening the door to the country’s vast consumer market of over 1.4 billion people. BGF Retail’s latest move builds on its ongoing effort to expand globally through CU’s private brand food products. To date, the company has exported these products to 20 countries, including the United States, the United Kingdom, the Netherlands, Vietnam and Mongolia. BGF Retail CEO Min Seung-bae on Wednesday met Shi Chenjia, CEO of Ningshing Ubay, at the Korean firm’s Seoul office and signed a memorandum of understanding for the partnership. Through the deal, BGF Retail will export its private brand products to "China’s largest importer of foods, beauty products and electronics,” the Korean firm said. With the partnership, Ningshing Ubay, specializing in e-commerce, will distribute BGF Retail’s private brand products to China’s major online retail platforms. The Chinese firm will also promote the products through live commerce and collaboration with influencers on social media

Oct 16, 2025By Ko Dong-hwan
BGF Retail to export CU products to China

Top court dismisses $970 mil. settlement in SK chief’s divorce case

The Supreme Court on Thursday remanded a high court ruling in the divorce case of SK Group Chairman Chey Tae-won and his estranged wife, Roh Soh-yeong, overturning a May 2024 decision that ordered Chey to pay 1.38 trillion won ($970 million) to Roh as a settlement. Viewed as one of the highest-profile divorce cases in Korean history, the trial drew intense scrutiny as its outcome could have compelled Chey to sell a large portion of his holdings in Korea’s second-largest conglomerate, potentially altering his control over SK Group and fundamentally changing its ownership structure. With the top court’s reversal, the case will be reviewed again in the high court to recalculate the settlement amount. The schedule has yet to be determined, but the amount is expected to be lower than 1.38 trillion won as the Supreme Court dismissed most of the grounds behind the high court’s favorable ruling for Roh. In their decision, the justices said the court was overturning the high court’s ruling on property division, which ordered Chey to pay Roh 1.38 trillion won, while upholding an alimony p

Oct 16, 2025By Nam Hyun-woo
Top court dismisses $970 mil. settlement in SK chief’s divorce case

Korea makes last-minute efforts as optimism grows over US tariff deal

Seoul's top trade negotiators expressed optimism over the possibility of reaching a tariff agreement with the United States soon, even before the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting scheduled to begin later this month in Gyeongju, North Gyeongsang Province. Amid signs of rapid progress after months of stalemate in the negotiations, they headed to Washington this week to finalize the talks, with both sides committed to accelerating efforts to break the deadlock. Kim Yong-beom, the presidential chief of staff for policy, said Thursday the government is "hopeful" about wrapping up negotiations soon. "Relevant U.S. departments, including the Department of the Treasury, the Department of Commerce and the Office of the U.S. Trade Representative (USTR), appear to be communicating much more closely with one another," he told reporters at Incheon International Airport. Kim made the remarks before departing for Washington to attend follow-up negotiations on the July deal to lower Washington’s proposed blanket duties on Korean products from 25 percent to 15 percen

Oct 16, 2025By Park Jae-hyuk
Korea makes last-minute efforts as optimism grows over US tariff deal

Will governor's upcoming visit help Georgia regain Korea's trust?

Georgia Gov. Brian Kemp’s upcoming visit to Korea is drawing attention, as questions swirl about how he will address negative public sentiment stemming from the mass detention of Korean workers in early September at a construction site in his state. While his office has remained silent about the message he will share and whom he will meet during the trip later this month, calls from the Korean side are growing for Kemp to offer an immediate apology for the weeklong detention of more than 300 Korean workers. The detentions followed a major immigration raid at the construction site of a plant jointly run by Hyundai Motor and LG Energy Solution (LGES). According to sources familiar with the matter, Kemp's office has decided to hire the Korean subsidiary of a major global PR agency ahead of his third trip to Korea since his inauguration in 2019. This move has been seen as part of the U.S. state’s attempt to rebuild trust after the immigration raid. “To monitor and analyze Korean news reports during the governor’s visit, his office is looking for an agency with extensive experience i

Oct 16, 2025By Park Jae-hyuk
Will governor's upcoming visit help Georgia regain Korea's trust?

Korean business leaders to visit US amid AI project talks, trade negotiations

Heads of Korea's major conglomerates are set to travel to the United States this week at the invitation of SoftBank Group Chairman Masayoshi Son to discuss cooperation on a massive artificial intelligence (AI) infrastructure project, according to industry sources Wednesday. Son recently invited the heads of Samsung, SK, Hyundai Motor and LG to visit the U.S. as SoftBank pushes ahead with the US$500 billion Stargate project, aimed at building a network of AI data centers across the country in partnership with OpenAI and Oracle, according to the sources. Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Executive Chair Chung Euisun, currently in Japan for a trilateral economic dialogue involving Korea, the U.S. and Japan, are expected to head to the U.S. shortly. SK Group Chairman Chey Tae-won is reportedly scheduled to depart on Thursday, while LG Group Chairman Koo Kwang-mo is also expected to join the delegation. Their visit will coincide with the trip to Washington by presidential chief of staff for policy Kim Yong-beom and Industry Minister Kim Jung-kwan, who are slate

Oct 15, 2025By Yonhap
Korean business leaders to visit US amid AI project talks, trade negotiations

With new warship, Hanwha Ocean aims to strengthen Korea’s naval edge

Hanwha Ocean unveiled its next-generation strategic surface warship designed to strengthen Korea’s naval capabilities and lead the country’s future K-defense sector. The company introduced the new model during the 3rd Advanced Naval Smart Tech Forum toward a Global Future: Innovation Waves, held Tuesday at The Plaza Hotel in Seoul. The event brought together around 100 participants, including Rep. Seo Il-jun, former Navy Chief of Staff Boo Suk-jong and experts from Korea and abroad to discuss future naval technologies and smart combat systems. During the forum, Charlie SC Eoh, president and COO of the naval ship business at Hanwha Ocean, unveiled the model and outlined its development background and key features. “As maritime power competition intensifies amid changing global security dynamics, a new class of naval platform is required,” Eoh said. “This vessel embodies Hanwha Ocean’s technology and commitment to innovation, setting a new milestone in Korea’s naval shipbuilding history.” The next-generation warship is designed to operate across multiple domains, including s

Oct 15, 2025By Bahk Eun-ji
With new warship, Hanwha Ocean aims to strengthen Korea’s naval edge

Celltrion wins New Zealand approval for autoimmune disease biosimilar

Korean biopharmaceutical company Celltrion said Wednesday its biosimilar for autoimmune diseases has received regulatory approval for sale in New Zealand. The New Zealand Medicines and Medical Devices Safety Authority (MEDSAFE) has approved Steqeyma, Celltrion's biosimilar referencing Stelara, for the treatment of psoriasis, psoriatic arthritis, Crohn's disease and ulcerative colitis, the company said in a press release. Both the Steqeyma injection and Steqeyma prefilled syringe (PFS) formulations have been approved, it added. Steqeyma is the first Stelara biosimilar to receive approval in New Zealand, according to the company. "With this latest approval, Celltrion has secured a 'first-mover' position in New Zealand, one of the key markets in the Oceania region, giving the company an advantage in initial sales," a company official said. The global market for Stelara was valued at 30.33 trillion won ($21.7 billion) last year, the company said, citing data from market research firm IQVIA. With the latest approval, Celltrion's global biosimilar portfolio now includes 11 approved products. The

Oct 15, 2025By Yonhap
Celltrion wins New Zealand approval for autoimmune disease biosimilar

APEC summit critical to mitigate Hyundai Motor’s US tariff risk

Hyundai Motor Group finds itself at a pivotal moment ahead of the upcoming Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting, as the event may serve as a major catalyst to ease the carmaker’s mounting tariff burden in the United States. The Korean carmaker continues to shoulder a massive financial burden from the 25 percent tariff imposed on its U.S. operations, even months after Korea and the U.S. agreed in July to lower the rate to 15 percent. Washington is continuing to impose the 25 percent rate on Korean auto imports, as the two countries have yet to finalize a detailed agreement. The status quo leaves Hyundai Motor Group’s two key auto brands — Hyundai Motor and Kia — highly vulnerable to the external uncertainty, as the U.S. is their largest export market. According to data from market tracker, FnGuide, Hyundai Motor’s operating profit in the third quarter is forecast to reach 2.6 trillion won ($1.83 billion), down 27 percent from the previous year. Kia's is also estimated to fall 27 percent to 2.3 trillion won during the same period. Korea hopes to fina

Oct 15, 2025By Lee Min-hyung
APEC summit critical to mitigate Hyundai Motor’s US tariff risk
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