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  • Companies

    Will Homeplus liquidation decision be postponed again?

    Homeplus has submitted an amended rehabilitation plan just three days before a court deadline, but its failure to secure a crucial 200 billion won ($129 million) capital injection is increasing uncertainty over whether the troubled retailer will face liquidation, industry sources said Wednesday. The Seoul Bankruptcy Court will now assess the feasibility of the revised proposal to determine whether to continue with rescue proceedings or dissolve the company. Although the current deadline expires this Friday, expectations are rising that the court will defer the date once more to review the new submission. The country’s second-largest retail chain, controlled by private equity firm MBK Partners, filed for corporate rehabilitation on March 4 last year after struggling with financial difficulties and facing credit rating downgrades. The original deadline for court approval of its rehabilitation plan was March 4 this year, but the court first extended it to May 4 before granting an additional extension until this Friday. Bankruptcy law dictates that a rehabilitation scheme must receive appr

    3 MIN READBy Jun Ji-hye
    Will Homeplus liquidation decision be postponed again?
  • Companies

    Renault Korea's June sales plunge 45 % on weak demand

    1 MIN READBy Yonhap
    Renault Korea's June sales plunge 45 % on weak demand
  • Companies

    GM Korea's June sales rise 6.6% on robust overseas demand

    1 MIN READBy Yonhap
    GM Korea's June sales rise 6.6% on robust overseas demand
  • Companies

    Hyundai Motor's global sales down in June on weaker demand

    1 MIN READBy Yonhap
    Hyundai Motor's global sales down in June on weaker demand
  • Companies

    JoongAng Ilbo puts controlling rights up for sale amid creditor workout

    1 MIN READBy Jung Min-ho
    JoongAng Ilbo puts controlling rights up for sale amid creditor workout
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Companies

Cumulative sales of Hyundai Motor's GV80 exceed 100,000 in US

Cumulative sales of Hyundai Motor's GV80 sports utility vehicle (SUV) have surpassed 100,000 units in the United States just five years after its launch, according to the carmaker Sunday. The GV80, which debuted in 2020 in one of the world's largest automobile markets, reached 100,446 units sold in the U.S. as of last month on strong consumer demand, according to Genesis. The model drew global attention in 2021, when golfer Tiger Woods survived a serious rollover crash in a GV80 during the Genesis Invitational, an incident that helped raise its profile and boost sales in the U.S. In the January-August period, GV80 sales in the U.S. rose 20 percent on-year to 17,009 units, accounting for 40 percent of its global sales of 42,489 units during the same period. The model's average traded price (ATP) in the U.S. climbed to $64,766 in August, up 4.2 percent from $62,132 a year earlier, data from market research firm Cox Automotive Inc. showed. Genesis has set a global sales target of 350,000 units by 2030, up 55 percent from its projected 225,000 units for this year. It remains uncertain whether

Sep 28, 2025By Yonhap
Cumulative sales of Hyundai Motor's GV80 exceed 100,000 in US
Companies

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
Banking & Finance

Card issuers target growing foreign resident market with new products, services

Credit card companies are increasingly targeting foreign residents, offering discounts and multilingual support, to tap into new sources of growth amid declining profits, industry officials said Friday. Previously, these companies mainly targeted Koreans traveling abroad, but they are now turning their attention to foreign nationals living in the country. NH NongHyup Card recently unveiled a new debit card tailored to foreign nationals. Available to those aged 12 and above with an alien registration card, the card features a postpaid transportation function and offers a variety of discounts at both domestic and international merchants. Cardholders receive a 5 percent rebate on spending at retail stores, restaurants, medical facilities and on public transportation, while digital content subscriptions earn a 10 percent rebate. To extend benefits internationally, the card also offers a 2 percent rebate at overseas merchants and waives ATM withdrawal fees abroad up to twice per year. Hana Card has introduced a multilingual chat support service for foreign customers. Customers can type in their

Sep 27, 2025By Jun Ji-hye
Card issuers target growing foreign resident market with new products, services
Companies

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
Companies

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
Companies

‘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
Companies

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
Companies

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.
Companies

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
Companies

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
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