Business - The Korea Times

Interview Herbalife Korea CEO highlights award-winning workplace

Herbalife Korea General Manager (GM) Sean Chung on Wednesday held “Open Talk with GM” with employees at the company’s office in Seoul’s Gangnam District. The open discussion follows an inaugural discussion event the previous month, which consisted of a two-hour meeting and a casual dinner outside the office. Both occasions allowed him to realize how broad the employees’ concerns are. Open Talk with GM is the latest version of conversational events with Chung where employees of the global multi-level marketing company’s Korean office are invited to speak with him. Since 2023, he has been regularly listening to employees in their 20s to 30s as well as older workers. He also hosts a monthly town hall meeting, inviting employees with questions and doubts. Their queries range from minutiae to professional concerns, according to Chung. “Some ask why the company doesn’t provide a financial condolence support for grandparents, while it does for parents. Some ask why their promotion isn’t happening as fast as they wish. Some division leaders ask how they can boost sales,” sai

Sep 28, 2025By Ko Dong-hwan

[INTERVIEW] Herbalife Korea CEO highlights award-winning workplace

Dunamu takeover blessing for Naver: analysts

A comprehensive stock swap between Naver Financial and Dunamu could significantly boost Naver's corporate value and accelerate its entry into the digital asset payments sector, analysts said Friday. "The business partnership with Dunamu should be seen not just as revenue from virtual asset transactions, but as a stepping stone into broader digital asset businesses such as real-world assets (RWA) and stablecoins," said Lee Hyo-jin, an analyst at Meritz Securities. Lee noted that Naver and Mirae Asset Group currently hold Naver Financial shares in a 3:1 ratio, saying that Mirae Asset's securities arm could potentially participate in RWA tokenization, while Dunamu would take charge of distribution. On Thursday, reports emerged that Naver and Dunamu are negotiating a deal that would give Naver Financial full ownership of the cryptocurrency exchange. Under the proposed terms, Dunamu shareholders would transfer their stakes to Naver Financial in exchange for newly issued shares. Both companies confirmed the ongoing discussions but said no final agreement has been reached. Naver Financial current

Sep 26, 2025By Lee Yeon-woo

Dunamu takeover blessing for Naver: analysts

AMCHAM, CBRE pave road for Korean investors into US

The American Chamber of Commerce in Korea (AMCHAM) on Thursday hosted a seminar for Korean firms with plans to invest in the United States, providing help on how to select local sites for investment. AMCHAM and global real estate giant CBRE's Korea Desk North America (KDNA) jointly hosted the U.S. Site Selection Seminar 2025 in Seoul, dispatching its experts to share their expertise with attendees. Marking CBRE’s first large-scale seminar here, the event provided Korean companies with practical strategies and actionable insights to expand successfully into the U.S. market. “As Korean companies accelerate their investments in the U.S., site selection has become one of the most critical factors for long-term success," AMCHAM Korea Chairman James Kim said. "It goes far beyond acquiring land. It requires the right incentives, skilled talent, efficient logistics and strong local partnerships." He said a surge in recent Korean investments into the U.S. has made the former the largest foreign investor in America and a leading contributor to job creation there. "With new commitments in semic

Sep 26, 2025By Ko Dong-hwan

AMCHAM, CBRE pave road for Korean investors into US

‘KPop Demon Hunters' propels Nongshim's global sauce mission

Food company Nongshim has received a significant windfall thanks to the global popularity of the Netflix blockbuster "KPop Demon Hunters." Instant noodles and snacks in the movie bearing an undeniable resemblance to the company's top sellers generated buzz among viewers as the animated film essentially promoted the company for free. The boom in recognition has led Nongshim to collaborate with Netflix to release a lineup of products featuring the movie's characters on its packaging. Included among the products is Shin Toomba Sauce. In the movie, members of the fictional K-pop boy band Saja Boys each gulp down an unspecified bottle of hot sauce during a spicy food challenge. Capitalizing on the movie's viral popularity, the company last month launched the all-purpose spicy sauce with packaging inspired by the movie, promoting it as "the sauce from the movie." “The movie’s apparent portrayal of our Shin Ramyun and Shrimp Crackers came from Sony Pictures Animation and Netflix, who wanted to use the most symbolic K-foods in the movie. We had no involvement in that whatsoever,” said Kang

Sep 26, 2025By Ko Dong-hwan

‘KPop Demon Hunters' propels Nongshim's global sauce mission

Shinsegae replaces CEOs of 8 affiliates to resuscitate slowing retail biz

Retail giant Shinsegae Group replaced the CEOs of its eight affiliates in a regular personnel shakeup announced Friday, a possible sign of profitability slowdown. The group said it has replaced 10 CEOs at eight affiliates: Gmarket, SSG.com, Shinsegae DF, Shinsegae Food, Shinsegae International, Shinsegae E&C, Josun Hotels & Resorts and Shinsegae Live Shopping. Shinsegae Group said the latest personnel reshuffle was “aimed primarily at overcoming challenges and restoring competitiveness, with a stronger emphasis on performance than ever before.” Shinsegae Group is comprised of two main divisions — the retail division led by Chairperson Chung Yong-jin and the department store division led by Chairperson Chung Yoo-kyung. More sweeping changes were evident in the retail division, which replaced the CEOs of five affiliates — Gmarket, SSG.com, Shinsegae Food, Shinsegae E&C and Josun Hotels & Resorts. Of special interest was the new Gmarket CEO, James Chang. Gmarket is set to become a subsidiary of Grand Opus Holding, a 50:50 joint venture between the group and China’s Alibaba. Chang, a

Sep 26, 2025By Nam Hyun-woo

Shinsegae replaces CEOs of 8 affiliates to resuscitate slowing retail biz

DB Insurance acquires U.S. insurer Fortegra for $1.65 bil.

DB Insurance, a major non-life insurer here, said Friday that it has signed a $1.65 billion deal to take over a U.S. insurer, the largest-ever overseas takeover deal by a local insurance company. In a regulatory filing, DB Insurance said it has signed the deal to wholly acquire Fortegra Group, which is based in Jacksonville, Florida. Fortegra, established in 1978, has a variety of insurance business portfolios, including guarantee insurance. The multinational insurance company's premium revenue stood at $3.07 billion last year, and generated a net profit of $140 million. DB Insurance said the takeover deal will help it venture into the U.S. and European markets.

Sep 26, 2025By Yonhap

DB Insurance acquires U.S. insurer Fortegra for $1.65 bil.

Trump’s pharma tariff weighs heavy on Korean drugmakers

United States President Donald Trump's announcement of a 100 percent tariff on pharmaceutical products is confusing Korean biotech firms, who are planning investments in the country, as no detailed and clear guidelines have been offered. Trump announced Thursday (local time) that the duty will be imposed from Oct. 1, unless a company is “building” a manufacturing plant in America. Korean biotech firms have been considering investing in the U.S. to cushion the impact of tariffs, citing the president’s earlier remarks suggesting that industries investing in America could potentially receive tariff exemptions. However, the situation has become uncertain after Trump added preconditions that exempt only companies building new plants. Trump wrote on social media, “Starting October 1st, 2025, we will be imposing a 100 percent Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.” He continued that “building” will be defined as “'breaking ground' and/or ‘under construction,’” noting that t

Sep 26, 2025By Nam Hyun-woo

Trump’s pharma tariff weighs heavy on Korean drugmakers

Jeju gov't, Hyundai Motor team up to drive global green hydrogen transition

SEOGWIPO, Jeju Island — Jeju is joining forces with Hyundai Motor Group to push forward its carbon-neutral vision set for 2035, forming a partnership to lead the global energy transition with green hydrogen and distributed energy. Jeju Special Self-Governing Province signed the partnership agreement with the carmaker on Thursday during the 2025 Green Hydrogen Global Forum at Jeju International Convention Center on Jeju Island. Under the agreement, the two will work together on eight major projects across the fields of green hydrogen and distributed energy. “Through this partnership with Hyundai Motor Group, we plan to raise Jeju’s renewable energy production ratio to 70 percent by 2035 and accelerate the shift to a hydrogen and distributed energy–based system to lead the way in achieving global carbon neutrality,” Jeju Gov. Oh Young-hun said during the signing ceremony. In green hydrogen, the projects include developing cost-effective production technologies, making a hydrogen vehicle–friendly environment throughout the island, building community support in introducing hydrog

Sep 26, 2025By Lee Gyu-lee

Jeju gov't, Hyundai Motor team up to drive global green hydrogen transition

US unions urge SHIPS Act, boosting prospects for Korean shipbuilders

Cautious optimism is growing that Korean shipbuilders may win orders from the United States for commercial and naval vessels in the near future, as U.S. unions once again urged their country's lawmakers to pass a bill that would allow certain foreign-built ships to be treated as U.S.-built vessels. Industry officials view HD Hyundai as the top beneficiary of the proposed bill, given its operations of multiple shipyards across the globe and the planned merger of its two shipbuilding subsidiaries. Multiple U.S. news outlets reported that five U.S. labor unions, including the United Steelworkers and the International Brotherhood of Electrical Workers, sent a letter to U.S. lawmakers Tuesday (local time), as there has yet to be any major action to pass the Shipbuilding and Harbor Infrastructure for Prosperity and Security (SHIPS) for America Act, despite strong bipartisan support. "We urge you to support the SHIPS for America Act and to schedule action," the unions said in the letter, according to reports. In June, six U.S. unions sent a similar letter to U.S. senators and representatives. "W

Sep 26, 2025By Park Jae-hyuk

US unions urge SHIPS Act, boosting prospects for Korean shipbuilders

Kia workers tentatively OK 2025 wage deal amid tariff concerns

Kia Corp. and its union have tentatively agreed on a wage deal for 2025 amid growing concerns over U.S. import tariffs, the company said Thursday. Kia's 26,000-member union accepted the company's proposals, which include a 100,000 won ($71) increase in basic monthly pay, four and a half months of performance-based bonuses, 15.8 million won in cash, 200,000 won in gift certificates per worker and 53 Kia shares, the company said in a press release. Under the deal, the maker of the K5 sedan will also hire 500 engineers for its production lines by the end of next year. Kia and the union also agreed to cooperate in transforming the automaker's domestic plants into core production facilities for next-generation models, such as purpose-built vehicles, the release said. "Facing unprecedentedly high U.S. tariffs on imported vehicles, the company and the union reached the tentative deal to weather growing uncertainties and strengthen future competitiveness," a Kia official said. Kia and its union had signed wage deals without strikes for the past four years through 2024. The tentative agreement will

Sep 25, 2025By Yonhap

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