Lotte suffers over 1tn won loss in China: chairman's brother

Lotte Shopping, a key retail unit of Lotte Group, has racked up a huge loss from its Chinese operations over the past four years, the elder brother of the group chairman claimed Wednesday, demanding a right to review the firm's financial report. Shin Dong-joo, the elder son of Lotte founder Shin Kyuk-ho, filed several legal suits against Lotte Group Chairman Shin Dong-bin, his younger brother, to nullify his dismissal from executive posts from Lotte Holdings Japan and to gain the right see and c

Oct. 28, 2015

20 Lotte affiliates meet IPO requirements

One in four unlisted affiliates of South Korea's retail giant Lotte Group are found to meet requirements for a stock market debut, data showed Wednesday.The conglomerate has pledged to simplify its governance structure and boost its managerial transparency through a set of measures, including initial public offerings, after a bitter family feud over control of the retail conglomerate. Currently, Lotte has eight publicly traded affiliates here, with the key units being linked through unlisted Jap

Oct. 28, 2015

Union of Daewoo Shipbuilding OKs demands of creditors

The union of Daewoo Shipbuilding & Marine Engineering Co. agreed to self-secure plans, officials said Monday, a move that could lead to an injection of additional funds from creditors."We made a final decision to submit a letter of consent to the creditors," Hyun Si-han, the head of the union, said in the country's southeastern island of Geoje Island, home to South Korea's shipyard operations.Yoon Yo-han, a spokesman of Daewoo Shipbuilding in Seoul, said the management and labor are likely to su

Oct. 27, 2015

SK Networks applies for two duty-free licenses in Seoul

SK Networks said Tuesday it hopes to keep its existing duty-free store in a luxury hotel in eastern Seoul and wants to open another in Dongdaemun, a major fashion district, to expand its retail sector.The trading and hotel unit under SK Group is up against Lotte, Shinsegae and Doosan in a heated competition to win three operating licenses for Seoul duty-free stores that are set to expire this year. SK Networks has a store in the Sheraton Grand Walkerhill Hotel in the southeastern part of the cap

Oct. 27, 2015

LG Electronics sues Dyson in Australia over advert

LG Electronics Inc. said Tuesday it has filed a lawsuit against British manufacturer Dyson over an advertisement in Australia claiming that its vacuum cleaners perform better than those made by the South Korean maker.In the advertisement rolled out only in Australia, Dyson said its V6 cleaner is "the most powerful cordless vacuum" and boasts "twice the suction power of all cordless vacuums." LG claimed that such remarks can mislead consumers and decided to ask Australia's federal court to ban th

Oct. 27, 2015

LG Chem constructs EV battery plant in China

LG Chem Ltd., South Korea's largest chemicals company, said Tuesday that it has completed the construction of a plant in China for electric vehicle batteries.The plant in the eastern Chinese city of Nanjing will churn out over 50,000 battery units annually for dedicated electric vehicles and more than 180,000 units for plug-in hybrid electric vehicles, according to LG Chem.The Chinese plant is LG Chem's third battery plant, following one in South Korea and another in the U.S. state of Michigan.

Oct. 27, 2015

Lotte claims governance becoming more transparent

Lotte Group, South Korea's fifth-largest conglomerate, claimed Tuesday its governance structure has become more transparent, with over 80 percent of its cobweb-like structure streamlined through a series of deals.Hotel Lotte, its unlisted hotel unit, spent 100.8 billion won ($891.4 million) buying shares of Lotte Shopping, a key retail unit, and two other affiliates, removing their cross-shareholding ties with 209 other companies.  The latest move is a follow-up measure after Lotte chairman Shin

Oct. 27, 2015

Lotte chief unseated from group's virtual holding firm

The chief of South Korean retail giant Lotte Group was sacked on Wednesday as an executive member of Japan-based Kojunsha Corp., the group's virtual holding firm, in the latest step taken by his elder brother to gain control over South Korea's No. 5 conglomerate.In a hastily arranged shareholder meeting in Japan, Lotte Group Chairman Shin Dong-bin lost his seat on the board of Kojunsha, which is at the apex of the group's entire governance structure, with a 28 percent stake in Lotte Holdings, th

Oct. 14, 2015

Hyundai Motor workers to go on strike from Wednesday

SEOUL (Yonhap) -- Hyundai Motor Co.'s unionized workers plan to launch a partial strike starting Wednesday after their representatives and the management failed to reach an agreement on a pay raise and other working conditions.The walkout, which will last through Friday, will mark the fourth straight year of labor disputes at the country's No. 1 automaker.The two sides reportedly sparred over the introduction of a so-called wage peak system and the scope of ordinary salaries, which determine ove

Sept. 22, 2015

New Samsung C&T takes No. 4 spot on Seoul bourse

Shares of Samsung C&T Corp., the merged entity of two key Samsung units, posted a modest gain on the first trading day under the new name on Tuesday, taking the fourth spot on the Seoul bourse in terms of market value. Shares of Samsung C&T closed at 163,000 won ($137.40), up 2.84 percent from the previous session's close. The benchmark KOSPI gained 0.32 percent. Its market capitalization stood at 30.9 trillion won, coming after Samsung Electronics Co., Hyundai Motor Co. and Korea Electric Power

Sept. 15, 2015

New Samsung C&T gets under sail after merger

The merged entity of two key Samsung Group units made its official launch in South Korea on Tuesday, after repelling a slew of legal challenges from a U.S. hedge fund that opposed the merger and garnering shareholder approval.Samsung C&T Corp., the construction arm of the country's top conglomerate, won outright shareholder approval on July 17 to merge with Cheil Industries Inc., the apparel and resort unit, for 8.9 trillion won ($7.52 billion). The company received the go-ahead after two months

Sept. 1, 2015

Samsung SDI to buy cell material biz from affiliate

Samsung SDI Co., the battery-making arm of South Korea's top conglomerate, Samsung Group, said Friday it will buy the cell material division of its chemical affiliate, in a move to bolster competitiveness in the sector. Samsung SDI will take over the cell material unit of Samsung Fine Chemicals Co. for 18.7 billion won ($15.9 million) on Sept. 16, the company said in a regulatory filing. Samsung SDI will acquire the research and development facility, patent rights, staffs and the 58 percent stak

Aug. 28, 2015

Lotte pushes to expand footing in India

Lotte, the country's fifth-largest conglomerate, is moving to tap into India as it accelerates its overseas expansion drive in an attempt to make up for feeble growth at home.The retail giant said Friday its chairman, Shin Dong-bin, held a meeting with Indian Prime Minister Narendra Modi, in New Delhi, to propose a plan to build railway shopping complexes in major Indian cities.The two discussed expanding Lotte's Indian investment as well as opening railway shopping complexes in New Delhi, Mumba

Aug. 28, 2015

Lotte launches governance reform task force

Lotte Group launched a task force on governance reform Wednesday following criticism over its murky ownership structure that was laid bare in a bitter family squabble over control of the retail giant.The task force, which comprises 20 executives as well as outside attorneys and accountants, is charged with mapping out plans to list Hotel Lotte, the group's de facto holding firm in South Korea, and enhance corporate transparency, Lotte said in a press release.Lotte, the country's fifth-largest fa

Aug. 26, 2015

Hana Financial names new CEO of KEB Hana Bank

Hana Financial Group Inc., South Korea's third-largest banking group, said Monday that it nominated a retail banking expert as the first president of its new integrated bank unit set to be launched next week.The move came after the financial regulator gave its final nod for the integration of Hana Financial's two bank units, Hana Bank and Korea Exchange Bank, last week. The integrated bank, named KEB Hana Bank, is scheduled to set sail on Sept. 1.Ham Young-joo, a vice president of Hana Bank, was

Aug. 24, 2015

Daum Kakao names new head to speed up mobile business

South Korea's top mobile messenger operator Daum Kakao Corp. said Monday it has named a new single head, ending its co-CEO system that has been maintained since its launch last year after the merger between the two IT firms.  Rim Ji-hoon, 35, head of investment firm K Cube Ventures, will become the new CEO of Daum Kakao, the merged entity of South Korea's two most-tracked IT firms at the time, Kakao Corp. and Daum Communications Corp.  K Cube Ventures is an investment firm that focuses on startu

Aug. 10, 2015