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 [...]
SEOUL, Dec. 15 (Korea Bizwire) – Lotte Group became the first South Korean conglomerate to make paternity leave mandatory for male employees, marking a significant step forward in changing Korea’s strenuous working culture. The new company policy affects all its affiliates, and obliges male employees to take a minimum of one month of paternity leave [...]
SEOUL, Dec. 7 (Korea Bizwire) – Samsung vice chairman Lee Jae-yong’s reluctant promise during Tuesday’s parliamentary hearing over the Choi Soon-sil scandal to disband the group’s Future Strategy Office – the key department responsible for the group’s decision-making process for all Samsung affiliates – has raised questions as to how other Korean conglomerate groups’ so-called [...]
SEOUL, Nov. 29 (Korea Bizwire) – Lotte Corporation erected a statue of German writer Johann Wolfgang von Goethe Tuesday in the open park behind Lotte World Tower, the tallest building in South Korea. The 5.15-meter statue is a duplicate of sculptor Fritz Schaper’s Goethe Monument (1880) in Berlin’s Tiergarten Park, and will be available for [...]
SEOUL, Nov. 29 (Korea Bizwire) – Routine year-end corporate activities have been suspended this year as CEOs await a prosecutorial investigation over a presidential scandal, delaying reshuffles for next year’s business planning and bonus payments, corporate sources said Tuesday. At Samsung, the reshuffle of executive-level officers, usually carried out on the first Tuesday of December, [...]