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February 09, 2022
SK rises to No. 2 Korean company by assets
...ar. Its assets have inched up in value by 2.3 percent from 2020. The group owns a total of 60 affiliated companies. Following Hyundai Motor Group was LG Group with 154.4 trillion won of assets and Lotte Group with 112.9 trillion won of assets, staying in the same fourth and fifth slot ...
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February 09, 2022
Korean Air adopts palm ID checks for domestic flights
...nal Airports, palm vein identity verification scanners have been used at unmanned check-in points for 14 domestic routes, without having passengers hand in separate ID. Korean credit card operator Lotte Card has operated its Hand Pay service since 2017, which allows identity verificati...
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February 09, 2022
Chanel joins Louis Vuitton in leaving duty free shops in Korea
...usan and Jeju in late March, signaling another blow to local duty free retailers who have also lost Louis Vuitton and Rolex. Chanel has informed the retailers that they will close boutiques at the Lotte duty free store in Busan and the Shilla duty free store in Jeju, the only downtown ...
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February 08, 2022
Lotte to invest W602b for EV battery raw materials
Lotte Chemical will inject more than 602 billion won ($502.3 million) to produce raw materials for electric vehicle batteries and build new facilities for carbon capture and liquefaction on a 67,000-... site inside a petrochemical complex in Daesan, South Chungcheong Province. The chemic...
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February 04, 2022
Lotte, GM bet $11m in EV battery materials startup Soelect
A consortium led by Lotte Ventures, a startup investment unit of South Korea’s No. 5 conglomerate Lotte Group, injected $11 million into Soelect, a North Carolina-based firm that manufactures next-generation materials for electric vehicle batteries. According to the Soelect Th...
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February 03, 2022
Convenience stores outrank supermarkets in market share
...g to data from the Ministry of Trade, Industry and Energy, sales revenue of three convenience stores -- GS25, CU and 7-Eleven -- came to 30.7 percent last year, following three department stores -- Lotte, Shinsegae and Hyundai. The figure surpassed that of the country’s largest superma...
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January 27, 2022
[Market Eye] Companies fret over new industrial accident law
...Samsung C&T’s engineering unit has introduced a rule to allow on-site workers to order the temporary suspension of a project upon identifying a risk factor, while the company covers related costs. Lotte Chemical has said it will inject 500 billion won over the next three years to set ...
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January 27, 2022
Banking groups beef up auto financing to lure young drivers
...September last year, latest data from the Financial Supervisory Service showed. In the same period, customers of six major credit card issuers here -- Shinhan, KB Kookmin, Woori, Samsung, Hana and Lotte -- paid a combined 9.7 trillion won with cards from the companies to purchase cars,...
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January 26, 2022
Korean retailers jump into NFT craze
...t month, the firm also plans to sell another NFT painting artwork using artificial intelligence. Lotte Home Shopping recently announced that in April it will launch an NFT marketplace. The shopping ...ce, consumers will be able to buy both the digital version of an outfit and the actu...
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January 24, 2022
7-Eleven to provide AI data for potential franchise owners
The convenience store chain 7-Eleven of Korea’s retail giant Lotte Group said Friday it joined hands with Oasis Business, startup solution platform, to develop an Artificial Intelligence solution to support those who wish to start the franchise business. Based on the partnership, the st...
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January 21, 2022
Lotte Confectionery to invest W34b in Choco Pie production in Russia
Lotte Confectionery said Thursday it will invest 34 billion won ($28.5 million) in its Russian subsidiary, Lotte KF RUS, looking to scale up the local production of its popular Choco Pie chocolate ca...e Russian Choco Pie market since its foray in 2003, raking in 105 billion won...
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January 20, 2022
Lotte Group steps closer to Ministop Korea acquisition
Korea’s retail giant Lotte Group is highly likely to be picked as a preferred bidder to acquire the nation’s fifth-largest convenience store chain Ministop Korea, according to industry sources Wednes... million) -- possibly leaving out its crosstown rival Shinsegae Group in the heated r...
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January 17, 2022
Government to deploy 10,000 couriers amid CJ strike
...eon-ji, who sells baby supplies online, recently changed her courier from CJ Logistics to Lotte Logistics. “Since many companies have started to use other couriers, there has been a delivery overload in the market. Even Lotte Logistics takes an additional one or two days to ...
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January 12, 2022
Digital platforms for secondhand trading emerge as new retail unicorns
...hinhan Card, is planning to launch a service targeting “MZ generation” -- those born between 1980 and 2000 -- who are the key consumers in the secondhand trading market, according to the official. Lotte Shopping, which controls Lotte Group’s retail business, invested 30 bi...
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January 11, 2022
[NCSI] Samsung Fire & Marine, Lotte Homeshopping, Korea Post, Yakult gain customer satisfaction
...n online store dedicated to promoting local food producers and connecting them with consumers. Lotte Homeshopping is another noteworthy business, the NCSI noted, as it tied for first place in the a...ut of its virtual show host, Lucy, as a contributing factor in elevating customer ex...
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January 04, 2022
Manufacturers, retailers, service providers gear up for full recovery from pandemic
... and continuously discover and nurture new businesses that meet future trends and technologies.” Lotte Group Chairman Shin Dong-bin stressed that the group has to create a stepping stone for a bigger...aid Shin. Calling for the establishment of a challenging culture that does not fea...
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December 30, 2021
NongHyup Bank introduces anti-COVID pin pad
...ind adopted by a local bank, will be used at NongHyup branches nationwide after a trial run at its key offices in Seoul, the bank said. It added that the pad does not pose health risks. Meanwhile, Lotte Chemical Corp. also said it has come up with an antiviral plastic to be used for cr...
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December 22, 2021
Virtual model Lucy set to debut as Lotte Shopping show host
...where: They promote products on social media, appear on billboard ads and now host infomercials. Lotte Home Shopping said Dec. 21 its virtual model Lucy will make her television debut as a show host ...ber. It uses 3D Assets technology that blends digital images seamlessly with real-wo...
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December 21, 2021
Louis Vuitton out, as duty-free suffers
...d duty-free shopping for passengers of nonlanding flights this year, according to data provide by Lotte Duty Free, the largest duty-free operator in the country. The average amount purchased was more ...tail sales dropping, some have looked to e-commerce and other sales channels for a b...
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December 20, 2021
Korean food companies go vegan to target meat-alternative market
...urther, and decided to open restaurants using only plant-based meat alternatives and vegan sauces. Korean ramen and snack maker Nongshim said this month it will open a vegan restaurant inside the Lotte World Tower building in Jamsil, southern Seoul, in April next year. It’s offerings...