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May 06, 2024
Woori to re-enter brokerage business with acquisition of Korea Foss Securities
...anking and diversify its revenue streams. As the only major financial group without an insurance division, Woori Financial Group is currently considering entering the insurance sector by acquiring Lotte Insurance. Last week, it was reported that Woori submitted a preliminary bid to pur...
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April 29, 2024
Woori Financial jumps in race to take over Lotte Insurance
The competition to acquire Lotte Insurance, South Korea's seventh-largest nonlife insurer, is intensifying, with Woori Financial Group recently joining the race. Woori Financial Group's Chief Financ...holding firms without an insurance arm. However, Lee noted that the group "will not ov...
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April 22, 2024
KGC eyes Indonesian market, riding high on volleyball fame
...ch between the Red Sparks and Indonesian players held in Jakarta on Saturday, organized by the country’s sports authorities. Various promotions were also conducted at the KGC's ginseng store at the Lotte Shopping Avenue in Jakarta. The KGC said it will further enhance its marketing st...
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April 17, 2024
Beer imports from Japan more than double in Q1
...illion in the same quarter of 2021 and $2.7 million in 2022. The figure continued to soar to $6.6 million last year and $14.9 million this year. In line with the recent increases, annual sales of Lotte Asahi Liquor, Lotte Group's affiliate that imports liquor products, incre...
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April 17, 2024
Affinity tapped as preferred bidder for SK Rent-a-Car
...ing Tuesday. Following the merger of AJ Rent-a-Car with SK Networks' rental car business in 2019, SK Rent-a-Car quickly became the second largest player in Korea's car rental market, trailing only Lotte Rental. At the time, SK Networks purchased a 42 percent stake in AJ Rent-a-Car for ...
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April 16, 2024
Credit card transactions hit W900tr in 2023
...s. Data compiled by the Financial Supervisory Service reveals that the combined card payment performance of the nation's eight major credit card companies -- Shinhan, Samsung, Hyundai, KB Kookmin, Lotte, Woori, Hana, and BC -- reached 920.5 trillion won, marking a 6.4 percent increase ...
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March 28, 2024
Trade ministry, US bio firm Thermo Fisher discuss investment
...g his visit to the United States earlier this month. "South Korea aims to become the global manufacturing hub of bio and pharmaceutical goods," Cheong said. "South Korean firms, including Samsung, Lotte and Celltrion, are rolling out aggressive investment to bolster their production ca...
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March 26, 2024
Chilsung Cider wins global acclaim
Lotte Chilsung Beverage Co., the beverage arm of the South Korean conglomerate Lotte Group, said Tuesday its flagship product, Chilsung Cider, has received global recognition for its high-quality taste. Chilsung Cider was honored with the superior taste award, receiving three s...
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March 25, 2024
Executives get paid 11 times more than average employees: report
...es of regular employees and executives at Sinsegae Group derived from it paying the lowest amount to its non-executive employees. It was followed by CJ Group where average pay was 53.3 million won, Lotte Group (63.3 million won), and GS Group (67.6 million won). On average, the salarie...
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March 21, 2024
AliExpress to open bidding for logistics partner in Korea
... AliExpress suggest an estimated parcel volume of approximately 12.35 million between March 2024 and March 2025. Consequently, it is believed that among domestic companies, CJ Logistics, Hanjin and Lotte Global Logistics have the capacity to manage such a volume. Since AliExpress declin...
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March 20, 2024
Myeong-dong bustles again as retail shops fill up
...sales outlets as they serve as billboards for promoting the brands to the footfall population." Major brands such as Lululemon and Apple have taken up spots on the main street across the road from Lotte Department Store’s Myeong-dong branch. The stores serve as a venue to promote the ...
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March 20, 2024
Sephora exits Korea after years of losses
...ition in the market. Sephora's exit from the market follows a trend of closures among other beauty retailers over the last few years. GS Retail's Lalavla ceased operations in November 2022, while Lotte Shopping's LOHB's downsized significantly, maintaining only 10 shop-within-shop out...
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March 08, 2024
Lotte Group CEOs gather for AI conference in digital push
South Korean retail giant Lotte Group Chair Shin Dong-bin is stepping up efforts to increase the group’s artificial intelligence capability. Lotte Group, on Friday, announced that the company held a conference on AI technology at Lotte World Tower on Thursday. Around...
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March 07, 2024
Lotte, LG in talks to sell petrochemicals plants
Korean petrochemicals firms are downsizing their businesses as they are grappling with lower demand and higher supply of products from China, according to industry sources Thursday. Lotte Chemical, South Korea’s leading petrochemicals company, has reportedly embarked on the process of s...
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March 07, 2024
Lotte E&C reduces liabilities by securing $1.7 billion
South Korean embattled builder Lotte E&C announced Thursday that it has successfully completed a 2.3 trillion won ($1.7 billion) real estate project financing (PF) fund, which was raised in collabora...s - along with Lotte Group companies, was finalized on March 6, according to ...
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February 29, 2024
Samgyeopsal Day heats up with stricter fat guidelines
... it will conduct thorough checks to ensure no excessively fatty pork belly is displayed for sale. The discount chain also guarantees returns if customers encounter any excessive fatty meat issues. Lotte Mart has implemented an AI-powered system to screen the fat content of their pork b...
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February 08, 2024
Lotte to sell off 7-Eleven's ATM unit
As part of its business restructuring aims for this year, Lotte Group has decided to sell the ATM business of Korea Seven, formerly known as Lotte PSNet, which oversees the operation of the nation’s ... on Lotte Biologics, Lotte Healthcare and Lotte
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February 06, 2024
Lotte Global Logistics new CEO vows global push
Lotte Global Logistics' new CEO Kang Byoung-ku pledged to take its logistics networks to a new level for oversea expansion while tapping into cross-border e-commerce business on his first day in office. “I promise to establish Lotte Global Logistics as a leading company in the...
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January 29, 2024
Lotte Duty Free, Modetour seek to capitalize on Vietnam's tourism boom
Lotte Duty Free said Friday that it signed a memorandum of understanding with the South Korean travel agency Modetour on Thursday to strengthen joint marketing efforts toward Korean tourists to Vietn...ative, the company aims to enhance the profitability of its Vietnamese branches, an off...
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January 18, 2024
Woori, BC improve profits in overseas card business
... profit for Korea‘s six card firms operating overseas -- KB Kookmin, Shinhan, Woori, BC, Hana and Lotte -- was around 25.6 billion won in total, down by almost 40 percent from the previous year. KB K...and Korean payment services firm Smartro. Also seeing a rebound in business abroad...