Lotte Chemical Corp. has posted the highest operating profit in the chemical industry in the first quarter of the year.The company announced on May 2 that it registered 4.12 trillion won (US$3.82 billion) in sales and 662 billion won (US$614.1 million) in operating profits in the first quarter. Its
The US government has imposed an over 100% anti-dumping duties on Korean chemical products after slapping heavy anti-dumping duties on steel products from South Korea.On May 2, the U.S. Department of Commerce made a preliminary anti-dumping ruling on PET resin imported from South Korea. According to
Shin Dong-joo, former vice chairman of Lotte Holdings who was virtually defeated in a management right dispute with his younger brother Shin Dong-bin, chairman of the Lotte Group, is attempting to recover his management right once again.Shin Dong-joo has recently submitted a shareholder proposal dem
Lotte Shopping will sell off 21 Lotte Mart discount and supermarket stores in Beijing to local distributor Wumei.Lotte Shopping is also accelerating the withdrawal of its operations in other Chinese cities. Talks are underway with local distributors to dispose of Lotte Mart stores in Shanghai, Chong
Korea Ginseng Corporation is expanding its portfolio of red ginseng-based businesses. One example is the launch of premium cosmetic brand “Donginbi.” Donginbi is Korea's only premium red ginseng cosmetic product that helps to keep your skin healthy and looking young. The product is based on KGC’
Korean conglomerates’ cross shareholding practice, which has been used by chaebol owners as a means of securing control over subsidiaries with a tiny stake in them, is likely to disappear in the near future.The Korea Fair Trade Commission (KFTC) announced on April 24 that, among the 57 South Korean
A significant change is coming recently over major conglomerates’ non-executive director operation policy. Outside directors have been criticized so far for being a yes man instead of performing their role to improve shareholder value by monitoring and keeping management in check. Accordingly, busin
Domestic chaebol groups have eliminated more than 85% of the cross shareholdings among their affiliates, a report released by the Fair Trade Commission (FTC) shows.The report examined the cross shareholdings of 31 business groups, all with assets exceeding 10 trillion won (US$9 billion). It found t
The International Electric Vehicle Expo announced on April 4 that this year’s Global EV Association Network (GEAN) conference takes place on May 1 at Lotte Hotel Jeju. The conference is scheduled to be attended by the CEOs of electric vehicle manufacturers from more than 20 countries and a number of
The Financial Services Commission (FSC) has disclosed a draft of its plan to reduce cross shareholding among financial companies affiliated with seven financial groups, including Samsung, Hyundai Motor, Hanwha and Lotte.The seven financial groups have a total of 97 financial subsidiaries whose asset
On March 30, senior Chinese diplomat Yang Jiechi met with South Korean President Moon Jae-in in Seoul as a special envoy of Chinese President Xi Jinping. There, the Chinese diplomat implied that the Chinese government may stop its THAAD retaliation, which has continued for more than one year to caus
Seoul has become the arena for competition among global business hotels. Not only domestic hotel chains but also foreign ones are scrambling to construct and open new business hotels to attract more customers who are on a business trip.According to hotel industry sources on March 25, a considerable
A follow-up negotiation for the Korea-China free trade agreement (FTA) began to tear down barriers against South Korea’s entry into China's service market and prevent retaliation against South Korea for the deployment of the THAAD System on the Korean Peninsula. A lot of attention is being paid to t
All eyes are on whether “wearable credit cards,” which became a hit during the 2018 Winter Olympics in PyeongChang in South Korea, will be able to gain ground in the domestic market even after the closing ceremony of the Olympics. In the United Kingdom and Australia, the wearable card market is alre
According to credit card industry sources on March 19, South Korea’s card issuers are tapping into global markets as a way to solve worsening business environments including lower commission rates of affiliated stores. Lotte Card Co. is entering the Vietnamese market by the middle of this month, whi
The Financial Supervisory Commission (FSC) of Korea announced on March 15 that the financial watchdog will include not only Lee Kun-hee, chairman of Samsung Electronics but his son, Lee Jae-yong, vice chairman of the company as major shareholders.First of all, the FSC will significantly expand the s
Korea Expressway Corporation announced on March 14 that it discussed cooperation plans in the road sector in African regions as a whole with African Development Bank (AfDB) President Akinwumi Adesina at Lotte Hotel Seoul on March 13.President Adesina, who was very much impressed with South Korea’s r
The 2018 Lotte World Tower International Vertical Marathon 'SKY RUN' will be held on May 13. A total of 1,500 people will run. Excluding professional athletes and corporate participants, the participants will total 1,400.The Lotte World Tower Scarlet is an official event recognized by the Vertical W
Lotte Card announced on March 12 that the Vietnamese government allowed it to acquire 100% of Techcom Finance shares. By taking over the local retail banking company, Lotte Card has become the first South Korean credit card company entering the Vietnamese market.That day, Lotte Card and Vietnam-base
It has been found that the number of inbound tourists from nine Southeast Asian countries – Taiwan, Thailand, Hong Kong, Malaysia, Philippines, Vietnam, Singapore, Indonesia and Myanmar – increased from 2,007,605 to 3,057,180 between 2015 and last year. For reference, a total of 3,116,505 Chinese to