SEOUL, March 8 (Korea Bizwire) – Lotte Group said Wednesday more than half of its hypermarket chains operating in China have been forced to shut down temporarily, adding to woes that Beijing’s reprisal against Seoul over the deployment of an advanced U.S. missile defense system is intensifying. The number of Lotte Mart stores facing business [...]
CHINA, March 8 (Korea Bizwire) – Chinese hackers have officially declared online war on South Korea and Lotte, one of its biggest conglomerates, in what appears to be retaliation against the deployment of the controversial THAAD missile-defense system. An unidentified masked man appeared in a video uploaded on Yuku, the Chinese equivalent of Youtube, where [...]
SEOUL, March 6 (Korea Bizwire) – Stocks of major retailers and their affiliates with business ties to China continued to plunge Monday, as Beijing has intensified its measures against South Korea in what appears to be retaliation for the deployment of an advanced U.S. anti-missile battery. Lotte Shopping Co., a key unit of retail giant [...]
SEOUL, Mar. 3 (Korea Bizwire) – The threat of retaliation by China is increasing with the conclusion of a land swap deal between the Ministry of National Defense of Korea and Lotte Group crucial to implementation of high-altitude missile defense system (THAAD), and the subsequent acceleration of plans to deploy the American missile battery on [...]
SEOUL, Feb. 28 (Korea Bizwire) – Lotte’s board of directors approved on Monday a land swap deal with the South Korean military, providing a golf course as the site for a new THAAD missile battery. The deal was signed on Tuesday. Although Lotte will in return receive a state-owned military site near Seoul, the decision [...]
SEOUL, Feb. 27 (Korea Bizwire) – South Korea’s Lotte Group approved a planned land swap with the military on Monday, paving the way for the installation of an advanced U.S. missile defense system between May and July as scheduled, the defense ministry said. “We have received a notice from Lotte Group that the company has [...]
SEOUL, Feb. 22 (Korea Bizwire) – South Korea’s major conglomerates are ramping up efforts to run their sprawling business empires in a more transparent and law-abiding way following a high-profile corruption scandal that led to the impeachment of President Park Geun-hye, sources said Wednesday. Dozens of large companies, including top conglomerate Samsung Group, have been [...]
SEOUL, Feb. 9 (Korea Bizwire) – Amid the ongoing tension over Korea’s THAAD deployment decision of last year, Lotte, Korea’s fifth largest conglomerate, and the company providing the site for the missile defense system, has just pulled its business from Alibaba’s e-commerce platform Tmall. Lotte’s business venture in China has been struggling recently with [...]
SEOUL, Jan. 20 (Korea Bizwire) – South Korean conglomerate Lotte will likely relinquish its golf club in the rural town of Seongju so the land can be used for the deployment of a U.S. air missile defense system, informed sources said Friday, despite possible repercussions for its business in China. According to officials from Lotte [...]
SEOUL, Dec. 20 (Korea Bizwire) – The special prosecution team looking into President Park Geun-hye’s corruption scandal has put a prohibition of departure on three Korean conglomerate heads, hampering business operations planned for the year-end and the next few months to come. According to sources, Samsung vice chairman Lee Jae-yong, SK chairman Chey Tae-won and [...]