SEOUL, July 20 (Korea Bizwire) – Lotte Confectionery Co., the largest confectionery manufacturer in South Korea, revealed on July 20 two new chocolate products made with lactic acid bacteria (LAB) strains obtained from kimchi – the first commercialization of such a product in the food industry. Since the successful launch of a lactobacillus-containing snack called Yo-Hi [...]
SEOUL, June 17 (Korea Bizwire) – While investigations into Lotte Group, one of Korea’s top five conglomerates, regarding slush funds are marring its reputation, the “skyscraper curse”, a popular belief that a country or a company that constructs a skyscraper eventually confronts a mishap, is in the public eye. Construction on the second Lotte World (Lotte [...]
SEOUL, June 10 (Korea Bizwire) – Prosecutors raided the headquarters of South Korea’s retail giant Lotte Group, as well as its seven affiliates, on Friday over allegations of embezzlement and malpractice. The Seoul Central District Prosecutors’ Office said it sent some 200 investigators to 17 places, including the group’s headquarters in central Seoul, its major [...]
SEJONG, March 31 (Korea Bizwire) - The South Korean government on Thursday decided to extend the operational licenses of local duty-free stores to 10 years from the current five and have them automatically renewed in a bid to help the retail industry do business in a stable and predictable environment. In a minister-level meeting in Seoul, the [...]
SEOUL, Feb. 12 (Yonhap) - The former vice president of Tokyo-based Lotte Holdings Co. on Friday called for a major reshuffle at the company to form new leadership, saying he will push for the listing of the company on the Tokyo bourse if he becomes the new chief. Shin Dong-joo, the first son of 94-year-old Lotte [...]
SEOUL, Jan.28 (Korea Bizwire) – Lotte Group announced that it has launched a smartphone app for Chinese tourists visiting Korea. The application is called ‘TianTianLeTian’, and provides visitors with information on shopping, tourism, and other services offered by Lotte companies. Department stores and large discount stores have already launched mobile solutions for Chinese tourists, but [...]
SEOUL, Aug. 24 (Korea Bizwire) – Lotte Confectionery, a unit of South Korea’s fifth-largest conglomerate Lotte Group, has been found guilty of copying a Japanese snack maker’s package design, a court ruling said Sunday. The Seoul Central District Court sided with Japan-based Ezaki Glico, which had lodged the suit against the South Korean confectionery firm to [...]
SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s No. 3 conglomerate SK Group said Monday it plans to have all its affiliates adopt a new wage system by next year, in line with the government’s effort to boost the labor market. Under the wage peak system, employees accept a reduced salary in exchange for working for [...]
SEOUL, Aug. 10 (Korea Bizwire) – Amid a succession feud between the two sons of Lotte Group founder Shin Kyuk-ho, which brought to light the problems of corporate governance in Korean conglomerates, several bills have been submitted to restrict an expedient way to inherit management rights, and to disclose corporate governance status more clearly. On August [...]
SEOUL, Aug. 6 (Korea Bizwire) — The heads of South Korea’s major business groups own puny stakes in their affiliates, but a complex cross-shareholding structure allows their families to exercise nearly uncontrolled power over the sprawling business empires, data showed Thursday. In South Korea’s business scene, a “group” does not refers to a legal entity, [...]