SEOUL, Sept. 17 (Korea Bizwire) — The chief of South Korean retail giant Lotte Group pledged Thursday to untangle a cobweb of cross-shareholding among its affiliates and speed up the listing process of its hotel unit. Testifying before a parliamentary committee, Shin Dong-bin also ruled out the possibility that Lotte, the fifth-largest family-run conglomerate in [...]
SEOUL, Sept. 14 (Korea Bizwire) – Samsung and Hyundai Motor groups slashed their cash reserves in the first half of the year, while other major conglomerates increased their cash piles, data showed Sunday. Listed affiliates of Samsung Group, South Korea’s top family-controlled conglomerate, had a combined 40.5 trillion won (US$34.1 billion) in cashable assets as [...]
SEOUL, Aug. 28 (Korea Bizwire) – Lotte Hotel has announced that they have finalized a buyout of The New York Palace Hotel, located in Manhattan, for a total cost of $805 million. Lotte Hotel signed the buyout agreement on May 29, and set a corporate body to manage it on June 5. Officials from the hotel [...]
“This crisis happened as we failed to put in many efforts to improve our governance structure and bolster corporate transparency during the group’s growth. We will resolutely reform the agendas that have raised concerns among the people of Korea, the government, our shareholders, employees and contractors.” “I will push for the listing of Hotel Lotte, [...]
TOKYO/SEOUL, Jul. 28 (Korea Bizwire) — The board of directors of Japan-based Lotte Holdings Co., the de facto holding firm of Lotte Group, voted Tuesday to sack the group’s founder as chief executive and general chairman, group officials in Seoul said, giving his second son control over the retail giant. At an emergency meeting, the [...]
SEOUL, Jul. 2 (Korea Bizwire) — Lotte Group will develop a large resort complex at the North Port of Busan, said a high-ranking representative of the group on July 1. The company has filed a proposal for the development project with the Ministry of Culture, Sports and Tourism, which has received 34 proposals, including Lotte’s, [...]
SEOUL, April 27 (Korea Bizwire) — System integrators affiliated with South Korea’s family-run business groups increased internal transactions in 2014 despite the government’s efforts to curb excessive groupwide trades, data showed Monday. Internal transactions of the top 20 system integration subsidiaries of the family-run conglomerates, locally called chaebol, came to 8.36 trillion won (US$7.74 billion) [...]
SEOUL, March 19 (Korea Bizwire) – South Korean retailers and furniture makers are turning to the homeware business, a nascent industry awakened by the local opening of Swedish furniture giant IKEA that promises big growth ahead as South Koreans begin to renovate and decorate their aging homes. Over the past year, a handful of homeware stores [...]
SEOUL, Mar. 16 (Korea Bizwire) — Lotte Group, South Korea’s fifth-largest family-controlled conglomerate, will play a key role in creating a fund worth 40 billion won (US$35 million) to help develop the country’s film industry, the presidential office said Monday. Lotte will account for half of the proposed fund while Busan Bank and the Busan [...]
SEOUL, March 8 (Korea Bizwire) — The amount of dividends to be paid to the heads of South Korea’s top 10 business groups will reach an all-time high for the 2014 fiscal year, market data showed Sunday. According to the data provided by financial investment firms and Chaebul.com, a website that tracks the country’s conglomerates, [...]