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SK chief's divorce case sent back to lower court SEOUL, October 16 (AJP) - The Supreme Court of Korea on Thursday sent the high-profile divorce case of SK Group chairman Chey Tae-won and his estranged wife Roh Soh-yeong back to the high court. The top court found flaws in the lower courts' assessment of Roh's contribution to the conglomerate's growth, ruling that some 30 billion Korean won (US$21 million) in slush funds from Roh's father, the late former President Roh Tae-woo, which were funneled into SK Group, cannot be considered assets jointly accumulated by the couple. The court clarified that such illegally raised funds constitute bribes and therefore cannot be subject to property division, requiring a recalculation of the couple's marital assets. The court also determined that stocks or cash donated or disposed of by Chey in the course of managing the conglomerate cannot be subject to division if they are no longer held. However, the court finalized its order for Chey to pay 2 billion won in alimony, dismissing his appeal. Thursday's partial referral to the lower court came after the appellate court, which overturned the previous ruling in May last year, ordered Chey to pay Roh 1.38 trillion won (about US$970 million) in property division and 20 billion won in alimony, marking it as the most expensive divorce case in the country's history. In the first trial in December 2022, Roh sought 50 percent of Chey's shares in SK Holdings, the conglomerate's parent company, but the court upheld Chey's argument that she had not contributed to his acquisition of the shares, which he inherited from his father. SK Group appeared relieved by the court's decision to remand the case in favor of Chey, allowing him to avoid the worst-case scenario of having to sell off stakes in SK affiliates to pay astronomical sums to Roh, which could have jeopardized his control over the conglomerate. "We respect the court's decision," Chey's legal representatives said in a press release, adding, "It is fortunate that the misunderstandings and factual errors in the appellate court's ruling have been rectified." But looming uncertainties over the prolonged divorce settlement sent SK shares tumbling, down 5.62 percent from the previous trading session to close at 218,500 won. Chey is the chief of the country's second-largest conglomerate after Samsung. The couple married in September 1988 and have three children between them. In December 2015, Chey revealed that he had a child out of wedlock and later filed for divorce in July 2017 as the two failed to agree on the terms of separation. 2025-10-16 10:41:37 -
CJ ENM, Warner Bros. Discovery join hands for K-content production SEOUL, October 16 (AJP) - South Korea's CJ ENM and Warner Bros. Discovery announced a strategic partnership aimed at strengthening the global presence of Korean entertainment, Thursday, underscoring the growing influence of K-content on international audiences. Under the agreement, the two companies will jointly plan and produce original Korean programming while expanding distribution through Warner Bros. Discovery’s global platforms. The collaboration includes the launch of a dedicated TVING brand section on HBO Max in 17 Asia-Pacific regions, marking TVING’s first entry into the overseas streaming market. The rollout will begin with select content in November, followed by a full launch early next year. The section will feature TVING’s most popular dramas and variety shows, designed to attract both existing fans of Korean entertainment and new audiences across the region. “This partnership aligns perfectly with HBO Max’s strategy to showcase unique premium content,” JB Perrette, president and CEO of global streaming and games at Warner Bros. Discovery, said in a press release. “We are excited to work with CJ ENM, a leader in the K-content genre.” The two companies also plan to co-invest in global production projects, which will be distributed internationally through HBO Max. Lee Mi-kyung, vice chair of CJ Group, said the collaboration would “further elevate the global standing of K-content,” while David Zaslav, CEO of Warner Bros. Discovery, described it as “a milestone in bringing locally inspired stories to worldwide audiences.” Yoon Sang-hyun, CEO of CJ ENM, said the company would continue to expand its strategic partnerships in key global markets to ensure the sustainable growth of Korean culture. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 10:21:30 -
PHOTOS: Why Seoul is hiker's paradise SEOUL, October 16 (AJP) - Seoul, a dazzling metropolis, holds a secret weapon for escaping the urban bustle: its surrounding peaks. Unlike most megacities, Seoul’s mountains are easily accessible via its subway system, offering hikers a quick dose of nature, sweeping city views, and a deep dive into Korean history. Even on a busy weekday, a nature escape is just a short trip away. Mountains like Naksan, Inwangsan, Namsan, and Baegaksan — often integral parts of the ancient Seoul Fortress Wall — are perfect for a quick hike. These trails are generally less strenuous and can be easily tackled during a half-day outing. For a more substantial climb, the grand mountains ringing the capital are a popular weekend destination for locals. Bukhansan, Dobongsan, Suraksan, Buramsan, and Gwanaksan typically require two to four hours of hiking and proper gear. The reward for your effort? A truly spectacular perspective on one of Asia's most dynamic cities. Autumn is an especially magical time, as the crisp, clear air offers the most breathtaking, unobstructed views of the landscape. The crown jewel of Seoul's hiking scene is Bukhansan National Park, an astonishing natural preserve that exists within the borders of a massive metropolitan area — a rarity globally. Its unique geology features a granite base that has eroded over millennia, creating dramatic, sheer rocky peaks interspersed with beautiful, flowing valleys. Bukhansan is not just a natural wonder; it's a historical hub. The park is home to the remains of the Bukhansanseong Fortress, numerous historical and cultural relics, and over a hundred Buddhist temples and hermitages, making every trail a walk through history. You can easily access the park by getting off at a Seoul Subway Line 3 station like Gupabal Station or Bulgwang Station and taking a short bus or walking to the trail entrance. One of the park’s most historic spots is Bibong Peak (560m above sea level). This peak is the original location of an ancient monument set up during the era of King Jinheung of Silla, a designated National Treasure. Erected around 555, it marked King Jinheung’s visit to the newly conquered Han River basin. While the original stele is preserved at the National Museum of Korea, a replica stands on Bibong Peak, offering a stunning panoramic vista of the city below. If you're looking for an easier hike with a high payoff, head to Achasan Mountain, which straddles Seoul’s Gwangjin-gu and Guri City. At a modest 296m above sea level, it’s a relatively easy climb that boasts an incredible vantage point over the Han River and the city's modern skyline. From the summit, you can gaze upon the winding Han River, the towering Lotte World Tower, and the sprawling districts of Gangnam and Hanam City. On a clear day, the views extend across the city, capturing the figures of Namsan and the distant ridgelines of Bukhansan. For any international visitor to Seoul, allocating a few hours to climb one of these accessible mountains is highly recommended. It’s an easy, rewarding, and truly unforgettable experience that shows a side of the city few ever see. 2025-10-16 10:09:51 -
Top court set to deliver ruling in SK chief's divorce case SEOUL, October 16 (AJP) - The Supreme Court of Korea is set to deliver its final ruling on Thursday for a high-profile divorce case between SK Group chairman Chey Tae-won and his estranged wife Roh Soh-yeong. The court will decide whether to uphold or overturn the previous ruling that ordered Chey to pay Roh 1.38 trillion won (approximately US$970 million) in asset division and 20 billion won in alimony, making it the most expensive divorce case in the country's history. The final verdict comes after the Seoul High Court overturned the initial ruling in May last year, siding with Roh and deeming the previous settlement set by the lower court insufficient. In the first trial in December 2022, Roh sought 50 percent of Chey's shares in SK Holdings, the conglomerate's parent company, but the court upheld Chey's argument that she had not contributed to his acquisition of the shares, which he inherited from his father. The key issue in the case is whether Chey's SK shares, acquired prior to the marriage, should be considered personal property and excluded from their asset division. Another point of contention is whether 30 billion won of slush funds from Roh's father, the late former President Roh Tae-woo, were funneled into SK Group. The court found evidence suggesting the funds contributed to the company's transformation into the conglomerate it is today, though Chey's side argues the shares were acquired independently. Chey is the chief of the country's second-largest conglomerate after Samsung. The couple married in September 1988 and have three children between them. In December 2015, Chey revealed that he had a child out of wedlock and later filed for divorce in July 2017 as the two failed to agree on the terms of separation. 2025-10-16 09:56:27 -
SK Enmove forms joint venture in India for lubricant business SEOUL, October 16 (AJP) - South Korea’s SK Enmove has joined hands with India’s Gabriel India Limited to form a joint venture to expand its lubricant business in India. The agreement, signed Sept. 15 at SK’s Seorin headquarters in central Seoul, establishes SK Enmove Gabriel India, with SK Enmove holding a 51 percent stake and Gabriel India owning the remaining 49 percent, according to SK Enmove, Thursday. The venture plans to introduce a full range of products — including engine oil, gear oil, industrial lubricants and electric-vehicle lubricants — beginning in December. The two companies agreed to focus on expanding sales channels and building a premium brand presence across India, the world’s third-largest automobile market, SK Enmove said. India’s auto industry, buoyed by urbanization and a rising young population, produced 5.1 million passenger cars, 24.3 million two-wheelers and 1.1 million commercial vehicles in 2024, according to the Society of Indian Automobile Manufacturers. The industry is projected to grow more than 4 percent annually over the next five years, fueled by increasing demand for environmentally friendly vehicles. Gabriel India is part of the Anand Group, a major auto components supplier that operates 13 joint ventures with global companies including HL Holdings and Henkel. The group maintains a broad distribution network and long-standing partnerships with major automakers across the country — a foundation the new venture intends to use to accelerate market entry. “Combining Gabriel India’s extensive distribution network and market experience with SK Enmove’s advanced lubricant technology will rapidly expand our presence in the Indian market,” said Anjali Singh, chairperson of Gabriel India and the Anand Group. Kim Won-ki, president of SK Enmove, said the partnership with Anand Group would help position SK’s lubricants in the premium segment. “With this strategic partnership, we aim to elevate our brand and establish SK Enmove as a leading name in India’s lubricant market,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 09:25:36 -
Hanwha Aerospace on a roll on soaring global defense spending Editor's Note: This article is the 39th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, October 16 (AJP) - Since Russia's invasion of Ukraine in February 2022, global defense spending has soared. Europe's rush to rearm has opened new markets for Asian manufacturers, pushing South Korea into the front line of the world's fast-growing arms trade. Among the companies leading this surge is Hanwha Aerospace, which has evolved from a domestic supplier into one of Asia's most active defense exporters. Global rearmament and Hanwha Aerospace's rise So-called "K-defense" exports jumped from $7.2 billion in 2021 to $17.3 billion in 2022, according to South Korea's defense ministry. SIPRI — a Stockholm-based institute that tracks international arms transfers — ranked Seoul among the world's top 10 arms exporters, alongside the United States, France, Russia, China and Germany. The surge, fueled by competitive pricing and flexible production, marks a structural shift in the nation's export portfolio long dominated by semiconductors, cars and ships. At the center of this export boom stands Hanwha Aerospace, South Korea's largest defense contractor by sales. Since 2022, the company has secured a series of contracts with Poland, including billions of dollars' worth of K9 self-propelled howitzers and K239 Chunmoo multiple rocket launchers. These deals were followed by exports of Redback infantry fighting vehicles to Australia and new artillery and ammunition agreements with Romania, reflecting a broader push into NATO and EU markets. Founded in 1977 as Samsung Precision, Hanwha Aerospace began with aircraft engines and joined Hanwha Group in 2015. It has since grown into South Korea's leading defense manufacturer, spanning technologies from artillery systems to space propulsion. A soaring stock and divided performance The company's rapid expansion has also been mirrored in financial markets. Hanwha Aerospace's stock has surged nearly twentyfold since early 2022—just before the Ukraine war—jumping from around 50,000 won (about $36) to more than 1 million won (about $720) this year. "The surge in Hanwha's stock was largely driven by its export deals with Poland following the outbreak of the war in Ukraine," said Lee Hangyeol, senior analyst at Kiwoom Securities. "Those contracts significantly boosted earnings in the land systems division." Still, risks remain. Defense orders are cyclical and often subject to shifts in global security priorities. The sustainability of Hanwha's export momentum depends on continued demand and its ability to scale production efficiently. Lee added that while the company's land systems remain highly profitable, "the aerospace segment needs greater focus on R&D, particularly in indigenous engine development, to build new growth momentum." In fact, in its latest earnings report for the second quarter of 2025, Hanwha Aerospace's overall operating profit rose 156 percent year-on-year to 865 billion won (about $630 million), driven largely by surging demand in its land systems division. However, the company's aerospace segment posted a 1.8 percent loss. From firepower to future technology Beyond defense exports, Hanwha Aerospace is investing heavily in AI-based unmanned systems, advanced propulsion technologies and satellite engines — areas that bridge defense and commercial innovation. The company played a key role in the country's Nuri space launch project and continues to expand its aerospace portfolio, positioning itself at the intersection of national security and space technology. Analysts expect Hanwha Aerospace's defense business to remain solid in the coming years, as defense spending continues to rise across Europe and the Middle East. "This isn't just a short-term boom," Lee said. "Structural growth in overseas defense projects, combined with persistent geopolitical tensions, would keep exports expanding. As a result, Hanwha's stock is likely to maintain its upward trend over the medium to long term." 2025-10-16 09:00:00 -
Son of ex-president assumes post as new envoy to China SEOUL, October 16 (AJP) - Roh Jae-heon, the son of the late former President Roh Tae-woo, is set to assume his post ass South Korea's ambassador to China, the Ministry of Foreign Affairs said on Thursday. For his first assignment, Roh, 60, is expected to coordinate Chinese President Xi Jinping's upcoming visit to South Korea for the Asia-Pacific Economic Cooperation (APEC) summit, which is scheduled to be held in the historic city of Gyeongju later this month. Roh's appointment is largely attributed to his father's role in establishing diplomatic ties between the two countries in 1992. Despite not being a career diplomat, Roh junior has engaged in various activities related to China including serving as an adviser to an international council of the Chinese city of Chengdu in 2016 and participating in exchange programs to foster ties with Beijing through his role as director of the East Asia Culture Center in Seoul. In late August, Roh visited China as part of a special delegation led by former National Assembly Speaker Park Byeong-seug, delivering a personal letter from President Lee Jae Myung to President Xi. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 08:58:39 -
Korea, US racing toward a trade deal before APEC summit SEOUL, October 16 (AJP) - South Korean and U.S. officials signaled that a settlement may be near in their three-month-long trade negotiations linked to Seoul’s $350 billion investment pledge and a potential tariff cut, with an agreement possibly coming before the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju later this month. “We are about to finish up with Korea,” U.S. Treasury Secretary Scott Bessent told reporters on Wednesday, referring to the ongoing talks with senior Seoul officials in Washington. “The devil’s in the details, but we are ironing them out. I’m sure the differences can be resolved. We are in discussions now, and I would expect something in the next 10 days.” Asked whether the Treasury supports a currency swap facility that Seoul has requested to prevent volatility from the massive capital outflow tied to its investment pledge, Bessent replied, “If I were the Federal Reserve chair — and I’m not — Korea would already have a currency swap facility.” His counterpart, Finance Minister Koo Yun-cheol, who arrived in Washington for the G20 Finance Ministers and Central Bank Governors Meeting and the IMF-World Bank Annual Meetings, told Korean reporters separately that the talks are progressing “at a rapid pace.” Koo is joined by Presidential Policy Chief Kim Yong-beom, Industry Minister Kim Jung-kwan, and Trade Minister Yeo Han-koo, forming a full economic team dispatched to Washington to expedite the settlement. The prolonged delay has unsettled Korea’s foreign exchange market and weighed on exports across key sectors — from automobiles to food products. Seoul has been pushing for the tariff rate on its exports to be reduced to 15 percent from the current 25 percent, in exchange for the massive investment package, which represents nearly 80 percent of the nation’s foreign exchange reserves. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 07:56:22 -
Asian shares lifted by dovish Powell comments SEOUL, October 15 (AJP) - Asian stocks finished broadly higher on Wednesday after dovish remarks from U.S. Federal Reserve Chair Jerome Powell raised hopes for additional monetary easing. The KOSPI jumped 2.68 percent to close at 3,567.28, while the secondary Kosdaq added 2 percent to 864.72. Semiconductor shares extended their rally, powering the broader market. Samsung Electronics surged 3.71 percent to a new high of 95,000 won ($66.83), and SK hynix climbed 2.31 percent to 421,000 won. Hanwha Ocean rebounded 1.94 percent to 105,100 won, recovering quickly from the setback following Chinese sanctions on its units. In China, the Shanghai Composite Index rose 1.2 percent to 3,912.21, even as shares of rare-earth producers such as China Northern Rare Earth Group slumped amid stalled U.S.–China trade talks. Japan’s Nikkei 225 snapped a multi-day losing streak, rising 1.76 percent to 47,672.67, while Taiwan’s TAIEX advanced 1.8 percent to 27,275.71. Asian markets found relief after Fed Chair Jerome Powell signaled an end to quantitative tightening, offsetting jitters over renewed U.S.–China tensions and reviving expectations of further rate cuts this year. 2025-10-15 17:57:58 -
Weight-loss injections turn diet fad in Korea, raising abuse concerns SEOUL, October 15 (AJP) - Easier access and a wider range of options are fueling misuse of foreign-made weight-loss injections in diet-obsessed Korea amid lax regulations and aggressive marketing by clinics and drugstores. Originally designed strictly for obesity treatment, the costly injections have become easier and cheaper to obtain since Eli Lilly's Mounjaro entered the Korean market in August as a lower-priced alternative to Novo Nordisk's Wegovy. Interest in Wegovy skyrocketed earlier this year after Bang Si-hyuk, the chubby chairman of HYBE, appeared to have shed a significant amount of weight within months, reportedly with the help of the injection. But the fad has since shifted from treating obesity to serving as a quick diet tool. "I wasn't questioned for my intention or any health problem. The doctor just wrote away the prescription," said Oh Eun-ji, a 50-year-old woman who easily received a prescription for two monthly kits of 1.0-mg doses from a local clinic, despite not being overweight. Social media and telemedicine platforms have further accelerated demand. DoctorNow, a telemedicine and prescription app, connects users to hospitals with Wegovy and Mounjaro in stock and provides real-time consultations. Prices vary widely — while clinics often charge 500,000 to 600,000 won ($422) for a monthly kit of Wegovy, it can be found for nearly half the price elsewhere. Competition has also fueled explosive market growth. According to this year's Drug Utilization Review (DUR) data, prescriptions for Mounjaro reached 70,383 cases, closing in on Wegovy's 85,519. Within just ten days of its August debut, Mounjaro logged 18,579 DUR checks, surpassing Wegovy's first-month record. The drug, Korea's first dual GIP/GLP-1 receptor agonist, quickly gained traction after clinical results suggested stronger weight-loss efficacy than Wegovy. Prescriptions are also coming from medical departments unrelated to obesity treatment — including psychiatry (2,453 cases), obstetrics and gynecology (2,247), urology (1,010), ophthalmology (864), dentistry (586), and radiology (104), according to data from the Health Insurance Review and Assessment Service (HIRA). The surge in use has been accompanied by growing reports of side effects. A total of 151 Wegovy users developed acute pancreatitis, while 961 others experienced complications such as cholelithiasis (560 cases), cholecystitis (143), and acute renal failure (63). More alarmingly, Wegovy has reportedly been prescribed to children and pregnant women, groups for which the drug is strictly contraindicated. Between October 2024 and August 2025, there were 69 prescriptions for children under 12 and 194 for pregnant women, according to the Ministry of Health and Welfare and HIRA. The phenomenon has drawn a public warning from the Korean Diabetes Association (KDA). "It is deeply concerning that many young adults are misusing obesity drugs for cosmetic purposes despite having no obesity or metabolic disorders. All medications carry risks of side effects. We urge patients to consult certified obesity or diabetes specialists for safe and appropriate treatment," it said. 2025-10-15 17:46:37