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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.

Innocean, SBVA partner to support growth of AI, tech startups

Innocean, the marketing and advertising arm of Hyundai Motor Group, has partnered with venture capital firm SBVA to launch a corporate backing initiative for growth-stage tech startups, the companies said Monday. The program, dubbed “UP 2026,” marks a strategic shift for Innocean as it attempts to diversify beyond its traditional advertising roots into artificial intelligence (AI) adoption, data analytics and brand consulting for emerging tech players. The initiative pairs Innocean executives with more than 10 startups from SBVA’s portfolio. Participants include Blind, the popular anonymous professional social network; KREAM, a limited-edition sneaker and collectible resale marketplace; and Ohouse, a major home interior platform. Other companies involved span women's wellness app Queenit, on-demand service Laundrygo, and AI health care platform Gravitylabs. SBVA, which manages approximately 2.5 trillion won ($1.8 billion) in assets, rebranded in 2024 from its previous identity as SoftBank Ventures Asia. The firm has backed more than 100 global startups across AI, smart robotics an

Jun 15, 2026By Jhoo Dong-chan
Innocean, SBVA partner to support growth of AI, tech startups

SK Plasma builds plant in Turkey to boost drug self-sufficiency

SK Plasma has broken ground on a plasma-derived therapeutics manufacturing plant in Turkey, moving a long-planned project to localize production of critical medicines into the execution phase. The company said Monday that it held a groundbreaking ceremony at the plant site in Çubuk, Ankara, through Proturk, a joint venture established with the Turkish Red Crescent. Under the project, Proturk will build a facility with annual plasma-processing capacity of 600,000 liters and a total floor area of about 36,000 square meters. The plant is scheduled for completion in the second half of 2028, with commercial production targeted for 2030. The facility is expected to produce albumin, intravenous immunoglobulin and factor VIII products, creating a domestic production base for plasma-derived medicines that Turkey has largely relied on imports to obtain. The project follows a shareholder agreement signed in November between SK Plasma and the Turkish Red Crescent covering construction of the plant and establishment of the joint venture. Turkish President Recep Tayyip Erdogan participated in the cerem

Jun 15, 2026By Lee Kyung-min
SK Plasma builds plant in Turkey to boost drug self-sufficiency

LG Energy Solution courts battery experts in Chicago

LG Energy Solution said Monday it held a conference in Chicago to share its future vision and attract battery technology experts. The company hosted more than 40 researchers from leading U.S. universities and institutions at the Battery Tech Conference in Chicago on Saturday. The event served as both a technology showcase and a recruitment program, featuring LG Energy Solution CEO Kim Dong-myung and other senior executives. "Today, batteries are no longer just a product. They have become critical infrastructure powering virtually every aspect of the global energy ecosystem," Kim said in his opening remarks. "We organized this event to meet talented individuals who will help shape the future of the energy industry alongside us." Participants included master's and doctoral students, as well as researchers, from leading U.S. universities and research institutions, including Massachusetts Institute of Technology, Stanford University, the University of California, Berkeley, the University of Chicago and Argonne National Laboratory. They represented a diverse range of disciplines, including en

Jun 15, 2026By Nam Hyun-woo
LG Energy Solution courts battery experts in Chicago

Shinsegae to provide historical awareness training after Starbucks promotion backlash

Shinsegae Group Chairman Chung Yong-jin, along with executives and employees of Starbucks Korea, will undergo training aimed at improving historical awareness and social sensitivity following a controversial promotion linked to the 1980 pro-democracy uprising in Gwangju, the company said Monday. Starbucks Korea, operated by E-Mart, a Shinsegae affiliate, launched an online "Tank Day" promotion on May 18, the anniversary of the Gwangju democratic uprising. The event was suspended within hours after drawing widespread public criticism. According to the company, Chung and the chief executives of Shinsegae affiliates will participate in the training ahead of a meeting of affiliate heads scheduled for June 24. Executives of E-Mart-affiliated companies and employees at Starbucks Korea's headquarters will attend a training session on Wednesday. Partners, the company's term for store employees, will receive the training next Monday. All Starbucks stores nationwide will close early at 3 p.m. The coffee company launched the discount event for "Tank" tumbler sets, along with a controversial phrase,

Jun 15, 2026By Yonhap
Shinsegae to provide historical awareness training after Starbucks promotion backlash

Gaon Cable gains traction in US AI data center power infrastructure market

Gaon Cable, a subsidiary of LS Cable & System, is emerging as a key beneficiary of the artificial intelligence (AI) data center boom in the United States, as its U.S. subsidiary LSCUS secures a series of power infrastructure contracts linked to projects by global tech giants including Google, Meta and Amazon. LSCUS has been winning bus duct supply contracts for AI data centers since last year and recently secured additional projects worth about 4 trillion won ($2.9 billion), accelerating its expansion in North America. The growing attention surrounding the company centers on bus ducts, a product that has traditionally received less attention than cables, transformers or switchgear but is increasingly recognized as a critical component of AI-era power infrastructure. Bus ducts are high-capacity power distribution systems designed to efficiently and reliably deliver large volumes of electricity. Unlike conventional cable systems that rely on multiple bundles of wires, bus ducts use copper or aluminum conductors enclosed within a metal housing, enabling the stable transmission of large ele

Jun 15, 2026By Lee Gyu-lee
Gaon Cable gains traction in US AI data center power infrastructure market

Surging SK shares complicate owner's property division suit

The high-stakes property division suit between SK Group Chairman Chey Tae-won and his former wife Roh Soh-yeong are heading into a critical juncture, as a dramatic surge in SK Inc.'s stock price has introduced fresh legal complications over how marital assets should be valued and divided. The Seoul High Court is scheduled to hold a second mediation session on Monday in the retrial of the property division case, which was remanded by the Supreme Court last year. Both sides are widely expected to appear in person — their first face-to-face courtroom encounter in roughly two years and two months since the final appellate hearing in April 2024. At the heart of the dispute is the stock value of SK Inc., the holding company of SK Group. When the appellate court closed arguments in April 2024, shares were traded at around 160,000 won ($105). They have since surged to approximately 600,000 won, driven by mounting expectations surrounding the expansion of the group's artificial intelligence (AI) ecosystem and the strong rally of its cash-cow chipmaker, SK hynix. The timing question is now lega

Jun 14, 2026By Lee Min-hyung
Surging SK shares complicate owner's property division suit

Le Mans race offers chance to prove Genesis' durability, quality: Hyundai Motor CEO

The 24 Hours of Le Mans, a major racing event held in France, offers Hyundai Motor Group an opportunity to demonstrate the quality and durability of Genesis, the conglomerate's luxury brand, its chief has said. Jose Munoz, president and chief executive officer (CEO) of Hyundai Motor, made the remark Friday (local time) as Genesis made its debut at the 24 Hours of Le Mans, which kicked off Saturday. During a press conference, Munoz added the 24 Hours of Le Mans also helps the company understand the direction of its technological development. Hyundai Motor, meanwhile, plans to speed up efforts to expand the market presence of Genesis in Europe on the back of the racing event. Genesis plans to enter Poland, Portugal, Denmark and Austria next year, which will bring its presence in Europe to a total of 11 countries. Hyundai Motor Group Executive Chair Euisun Chung also visited the venue and encouraged members of the Genesis Magma Racing team, according to the business group. The 24 Hours of Le Mans is a flagship event of the FIA World Endurance Championship, in which the team covering the great

Jun 14, 2026By Yonhap
Le Mans race offers chance to prove Genesis' durability, quality: Hyundai Motor CEO

Hanwha Aerospace launches independent safety committee following fatal fire

Hanwha Aerospace, a defense affiliate of Hanwha Group, said Sunday it has launched an independent committee to oversee the company's safety system following this month's deadly fire at its factory that claimed five lives. The defense company said the new committee includes 11 external safety experts who will inspect Hanwha Aerospace's overall safety conditions and suggest ways to improve the overall working environment. The announcement came after a fire at the company's factory in Daejeon, located about 140 kilometers south of Seoul, killed five people and injured two others. The committee will also include two members recommended by the company's labor union. Hanwha Aerospace, meanwhile, said it invested 247 billion won ($162 million) in 2025 to improve the company's safety environment, up sharply from 11.4 billion won the previous year. The company plans to invest 452.4 billion won this year to further improve workplace safety, it added.

Jun 14, 2026By Yonhap
Hanwha Aerospace launches independent safety committee following fatal fire

Airlines on high alert over strengthening dollar, prolonged oil price hike

Korea’s aviation industry is facing severe headwinds, as a combination of high oil prices and a weakening Korean won is feared to slow down major airlines' earnings recovery. According to estimates by market tracker, FnGuide, the nation’s five major listed airlines are forecast to report combined operating losses of around 823.6 billion won ($542 million) in the second quarter. The weakening local currency and rising fuel costs have directly weighed on airlines' profitability, as fuel expenses typically account for about 30 percent of an airline's total operating costs. For instance, Korean Air and Asiana Airlines consume an estimated 42.05 million barrels of jet fuel this year. This means a mere $1 fluctuation per barrel triggers a direct impact of approximately $42.05 million on their combined bottom lines. The average price of Singapore kerosene, a benchmark for jet fuel, spiked from $89.03 per barrel in February to $151.73 per barrel in May. This is a surge of around 70 percent following the outbreak of armed conflicts in the Middle East in late February. The won-dollar exchange r

Jun 14, 2026By Lee Min-hyung
Airlines on high alert over strengthening dollar, prolonged oil price hike

SK chairman calls for full-fledged AI transformation

SK Group Chairman Chey Tae-won urged executives and employees to pursue full-fledged efforts toward artificial intelligence (AI) transformation in order to seize the current opportunity stemming from the strong alignment between the group’s business portfolio and the AI value chain, the conglomerate said Sunday. Chey made the remarks during the 2026 Icheon Forum, an annual seminar attended by SK employees and outside experts, held from Thursday through Saturday. “Now is the time to launch our AI transformation effort at full speed across every corner of our businesses,” Chey said. “For this, we must first have to clearly define our business and determine what and how we can innovate through AI.” He stressed the importance of AI transformation in improving SK Group’s operation capability, urging the use of AI agents across the organization. “More than 90 percent of our employees are already using AI, but we now need AI that goes beyond individual use and genuinely helps the team by turning those efforts into organizationwide performance," he said. Chey said SK Group is now wi

Jun 14, 2026By Nam Hyun-woo
SK chairman calls for full-fledged AI transformation
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