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July 17, 2022
‘Wage hike pressure due to inflation will be hardest’
... to withstand the inflationary shock because of their experience dealing with hardship and crisis. Chey believes that granting special pardons to Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin on Liberation Day, Aug. 15, would help the economy. So...
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July 11, 2022
Retail giants race to build shopping complex in Gwangju
Lotte, Shinsegae and Hyundai, the three retail giants of South Korea, are scrambling to be the first to build a new mega shopping complex in the southwestern city of Gwangju, one of the key campaign ...angju. Among the three retail giants, Lotte operates the most shopping outlet...
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July 08, 2022
Look up for dinner: Convenience stores race for drone delivery
... a spinoff company of the state-run Korea Aerospace Research Institute, CU plans to deliver relief supplies to out-of-reach areas using drones. Convenience store chain 7-Eleven, under retail giant Lotte Group, is also poised to open a sky delivery service next week in Gapyeong, Gyeongg...
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July 05, 2022
Korea, Japan business leaders echo urgent need for summit
...Yoon Suk-yeol at his presidential office, during which the president reiterated his will to improve bilateral ties of the two countries. Top business leaders who took part in the meeting include Lotte Group Chairman Shin Dong-bin and Kim Yoon, chairman of Samyang Holdings. Executives...
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July 03, 2022
South Korea imposes zero tariffs on imported pork amid inflation woes
... won until July 6. In particular, Canadian jowl meat will be priced at 14,990 won, down by 40 percent. A Homeplus official said the company has increased the amount of Canadian pork by 75 percent. Lotte Mart will offer a 20.2 percent discount on 100 grams of Canadian pork belly, droppi...
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June 30, 2022
Duty-free shops open cross-border sales to secure overseas consumers
...seas, as they are losing price advantage to local clients due to high won-dollar exchange rates. Lotte Duty Free opened the overseas shipping service on Wednesday, which sells around 220 kinds of pro...mer base, we are looking into ways to appeal to a larger pool of international custo...
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June 29, 2022
KAI to build test version of UAM aircraft in 2 years
...contribute to building the country’s standardized aircraft for UAM. With no clear leader standing in the UAM field, South Korean conglomerates including Hyundai Motor Group, SK Telecom, Hanwha and Lotte have joined the UAM development race in recent years. Of them, Hanwha Solutions --...
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June 23, 2022
Lotte Mart adopts AI system for quality control of fruits
South Korean retail giant Lotte Mart said Wednesday it has adopted an artificial intelligence-based screening system for better quality control of fruit products, an industry first here. The AI screening system, using near-infrared light, collects and analyzes data from fruits ranging fr...
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June 16, 2022
Lotte hints at major portfolio shift to expand bio businesses
SAN DIEGO -- Lotte Group, South Korea’s fifth-largest conglomerate, will look to bolster its recently launched bio sector by scaling down the current four main business areas -- chemicals, food, hote...our bio and health interests into a portfolio that matches our four main portfolios,”...
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June 15, 2022
Samsung Biologics to build first overseas factory in US
...upper hand in securing a deal before its global CMO competitors, such as Lonza, Fuji and WuXi Biologics, as it is able to build a tailored manufacturing facility in 2 1/2 to three years. Regarding Lotte’s recent announcement to enter the business of contract development and manufactur...
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June 14, 2022
Lotte taps former Samsung Biologics executive to lead bio business
Lotte Biologics has picked Lee Won-jik, a former Samsung Biologics executive, to lead its biologics business as the company’s CEO. Born in 1977, Lee has over two decades of experience in global biol...Lotte Holdings on Thursday announced in a public notice that it has complete...
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June 14, 2022
McDonald’s Korea back on sale after six years
...ding, recently delisted from the nation’s second bourse Kosdaq in a move to search for a new owner. Unlike the four, the remaining Lotteria and No Brand Burger are subsidiaries under retail giants Lotte and Shinsegae, respectively. The valuation of McDonald’s Korea is yet to be esti...
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June 08, 2022
Hole-in-one insurance sales on the rise
...rance companies offer 500,000 won to 1 million won per day for hole-in-one coverage, with local insurance provider DB Insurance offering 500,000 won while Carrot General Insurance, KB Insurance and Lotte Insurance all guarantee 1 million won. Prices of the one-day insurance product vary...
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June 08, 2022
Duty-free shops see customers return as tourism normalizes
...ery as a growing number of group tours are booked, industry sources said Tuesday. According to a Lotte Duty Free official, some 150 tourists from Malaysia shopped at the Myeong-dong branch for an hou...well,” the official said. Some 170 Thai tourists flew in on Monday to Jeju Island ...
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June 06, 2022
Finance minister warns against wage, price hikes
...deration and Huh Chang-soo of the Federation of Korean Industries. During the meeting, Sohn also appealed to the authorities for a presidential pardon for some business leaders, including Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin. The chaebo...
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June 02, 2022
S. Korea has best EV infrastructure per unit in world: report
...a total of 120 charging points each with up to 350 Kw charging capacity last year. The E-pit chargers can charge an EV twice as fast as other fast chargers. Hyundai Motor Group also recently announced a partnership with Lotte Group and KB Asset Management to expand ultrafast charging ...
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June 02, 2022
Companies join forces in Busan’s World Expo bid
...mittee, while top executives of 11 conglomerates are joining to add weight to the bid from South Korea’s second-largest city. The 11 businesses include: Samsung Electronics, Hyundai Motor, SK, LG, Lotte, Posco, Hanwha, GS, Hyundai Heavy, Shinsegae and CJ. The KCCI said the final list ...
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June 02, 2022
Three-way race set for Korea's flying car commercialization
...re locations for the “vertiports” to launch vehicles. Though not considered among the top three, Lotte Group has also formed its own consortium with Chicago-based gyroplane manufacturer Skyworks Aero... run UAM vehicles connecting Incheon Airport to Jamsil -- the neighborhood in east...
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May 27, 2022
Convenience stores frequented by more men than women: data
...f their daily routine for a meal -- be it breakfast, lunch or dinner,” the company said. Last year, the largest convenience stores in South Korea by market share -- GS25, CU and 7-Eleven -- accounted for a bigger share of the total revenues of the entire retail industry than major supermarket c...
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May 27, 2022
LG to spend W106tr on battery, biotech, AI
...oo Kwang-mo’s triennial meetings with the management of its affiliates starting Monday to discuss a long-term direction. This week, major Korean conglomerates including Samsung, SK, Hyundai Motor, Lotte and Hanwha scrambled to announce their respective long-term spending packages shor...