Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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S. Korea votes in favor of Palestinian bid for UN membership
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[LOTTE CRISIS] Breakdown of Lotte Group’s mega real-estate empire
[THE INVESTOR] The widening probe into Lotte Group over alleged embezzlement and the creation of a slush fund is shedding light on the South Korean retail giant’s vast real estate, the scale of which is thought to be the largest among conglomerates here if both listed and unlisted units are combined. The value of property owned by Lotte’s eight listed units is estimated to be 10.7 trillion won ($9.08 billion) as of 2015, the third largest in the nation, following Hyundai Motor Group with propert
June 14, 2016
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[LOTTE CRISIS] 15 more Lotte affiliates raided in widening probe
[THE INVESTOR] Seoul prosecutors executed a second round of raids on several key affiliates of South Korean retail giant Lotte Group on Tuesday in a widening probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation.The Seoul Central District Prosecutor’s Office said it raided 15 offices, including Lotte Chemical, Lotte Confectionery, Lotte Chilsung Beverage and Lotte Engineering & Construction, an unlisted company. Lotte Group’s headquarters in centra
June 14, 2016
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[LOTTE CRISIS] Shin Kyuk-ho’s hidden cash, ledgers found
[THE INVESTOR] Prosecutors have found a breakthrough in their investigation of Lotte Group‘s founder and top executive, securing testimony that two officials had received more than 30 billion won ($25.6 million) annually from companies affiliated with the conglomerate.Financial managers within the group reportedly told prosecutors during questioning that Lotte founder Shin Kyuk-ho and his son, current group chairman Shin Dong-bin, had collected 10 billion won and 20 billion won, respectively, ea
June 14, 2016
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[LOTTE CRISIS] Lotte crisis becomes boon for Axiall shareholders
[THE INVESTOR] Shareholders of Axiall have inadvertently benefited from the current crisis faced by South Korean retail giant Lotte, which resulted in Lotte Chemical dropping out of the race to acquire the U.S.-based chemicals firm. Lotte Chemical and U.S. chemicals manufacturer Westlake Chemicals had previously been vying with one another to acquire Axiall. In the face of competition from Lotte, Westlake had raised the stakes. On June 10, the company won the bid for Axiall after submitting a bi
June 14, 2016
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[LOTTE CRISIS] Probe questions Lotte’s $10b real estate empire
[THE INVESTOR] The expanding probe into alleged irregularities at Lotte Group is leading investigators to the multibillion-dollar real estate empire under the control of its founding family, and also implicating Lotte companies. Lotte Group founder Shin Kyuk-ho has made a name for himself as one who has the Midas touch when it comes to real estate transactions, managing to turn profits with most -- if not all -- transactions. Investigators enter Lotte Group premises on June 10. The InvestorHowev
June 14, 2016
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[LOTTE CRISIS] Lotte probe team on trail of retired Air Force general
[THE INVESTOR] The probe into Lotte Group is set to engulf the civil and military services as the investigators close in on a retired Air Force general on suspicion of bribery. According to reports, the investigators have uncovered a money trail leading from Lotte Group to a retired Air Force lieutenant general who served as the deputy chief of staff.The Lotte World Tower in southern Seoul. The InvestorLotte Group is suspected of having handed 1.2 billion won ($1 million) to a construction firm
June 14, 2016
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Global EV market to grow 60% this year: report
The global electric vehicle market is predicted to grow around 60 percent this year and next year amid global efforts to boost the green car industry, according to market data Tuesday. According to Japanese market research firm B3, the volume of the global electric car battery market is expected to grow 66 percent this year to 16,000 kilowatt-hours from the previous year. This is a 23 times increase over the past seven years, compared to 1,140 kilowatt-hours in 2010. The figure is again predicte
June 14, 2016
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[LOTTE CRISIS] Lotte accused of using real estate to create slush funds
[THE INVESTOR] Prosecutors are investigating allegations that Lotte Group chairman Shin Kyuk-ho, 94, used real estate transactions to accumulate slush funds. The authorities say that Shin purchased cheap real estate and sold them off to other affiliates at a much higher price. They are searching for evidence linking the proceeds from such sales to corporate slush funds. According to the industry, Shin resold land that he had granted to a Lotte scholarship foundation for 103 billion won ($87 mill
June 14, 2016
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[LOTTE CRISIS] M&A possibly behind Lotte’s alleged embezzlement
[THE INVESTOR] South Korea’s fifth-largest conglomerate Lotte Group is being probed by the Seoul Central Prosecutor’s office on allegations of embezzlement and new discoveries are being dug up. Prosecutors currently speculate that there could have been 300 billion won ($260 million) worth of embezzled money derived from the acquisition of China-based home shopping network Lucky Pai in 2010, reported a media outlet. Lotte acquired the then heavily indebted network with funds from its retail arms
June 14, 2016
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Lotte probe expands, more affiliates raided
[THE INVESTOR] The corruption probe into Lotte Group continues to expand with the prosecution raiding Lotte Chemical Corp. and Lotte Engineering and Construction on June 14. In the early hours of Tuesday, the Seoul Central District Prosecutors’ Office raided the two companies in southern Seoul. The prosecution, which conducted a mass raid on 17 Lotte-related locations on June 10, is reported to have reasons to believe that the two companies were instrumental in the founding family’s illegal acti
June 14, 2016
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Hyundai, Kia enjoy soaring sales in Mexico
Sales of vehicles from Hyundai Motor and its smaller affiliate Kia Motors have nearly quadrupled in Mexico in May from a year ago, industry data showed Tuesday.Data compiled by the Mexican Automotive Industry Association showed that the two South Korean carmakers sold a combined 7,727 units in Mexico in May, compared with 2,049 units from the same period last year.Strong sales also raised the combined market share by Hyundai and Kia in Mexico to 6.4 percent, an all-time record high, in May.Last
June 14, 2016
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[Graphic News] Global electric vehicle sales surpass 1 million
Accumulated global electric vehicle sales reached 1.2 million as of last year, according to a report compiled by the Organization for Economic Cooperation and Development and the International Energy Agency released Sunday. A total of 550,000 EVs including battery electric vehicles and plug-in hybrid electric vehicles were sold last year, which is a 70 percent increase compared to the 324,000 EVs sold in 2014. The number of newly registered electric vehicles in China was the highest last year wi
June 13, 2016
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[LOTTE CRISIS] Elder son of Lotte founder to renew fight for control
[THE INVESTOR] Shin Dong-joo, the elder son of Lotte Group founder Shin Kyuk-ho, is readying for a new round in the fight for control of the conglomerate. According to local news reports, Shin Dong-joo’s legal team has found “elements that could be problematic” in Hotel Lotte’s books, and plans to disclose the information “at the appropriate time.”Shin Dong-joo at a press conference in Seoul last year. The InvestorShin Dong-joo had hoped to succeed his father as the group’s chairman, but was ous
June 13, 2016
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[LOTTE CRISIS] Probe wreaks havoc on Lotte’s expansion
[THE INVESTOR] Lotte Group is facing the biggest crisis in its history with a corruption probe bringing its major projects to a halt. Following a raid on June 10, the group’s plans to acquire a U.S.-based chemicals maker have been scrapped, while listing of Hotel Lotte on the local market has reportedly been put on hold indefinitely. In the afternoon of June 10, Lotte Chemicals Corp. scrapped its Axiall acquisition plans made public only three days prior. The plans were made formal on June 7, an
June 13, 2016
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[LOTTE CRISIS] Hotel Lotte withdraws IPO as embezzlement probe deepens
[THE INVESTOR] Hotel Lotte on Monday officially canceled its initial public offering scheduled for next month, as a large-scale embezzlement probe into the group and its affiliates deepened with emerging reports of confirmed wrongdoings.“We are pushing back our IPO to a later time and cancelling all remaining procedures in consideration of Lotte’s current circumstances and investor interests,” Hotel Lotte said in an emailed statement.“Listing the company is an integral part of reforming Lotte Gr
June 13, 2016
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Ulterior motives behind the mass Lotte-raid?
Lotte Group’s shareholding structure -- dominated by Japanese entities -- and its wrongdoings during the previous administration are behind the prosecution’s raid on the conglomerate, local news outlets have alleged since the June 10 raid.The Seoul Central District Prosecutors’ Office carried out simultaneous raids on 17 locations linked to the group including Lotte Group headquarters, and the homes of a number of key executives.The office of Lotte Group founder Shin Kyuk-ho and chairman Shin Do
June 13, 2016
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[Photo News] Hyundai wins WRC
Hyundai Motor’s driver Thierry Neuville won the sixth round in the drivers division of the 2016 World Rally Championship in Sardinia, Italy that took place June 9-12, bumping Hyundai Motor to second place in the manufacturer division behind Volkswagen. Neuville brought Hyundai Motor to victory with the automaker’s new generation i20 World Rally Car. (Hyundai Motor)
June 13, 2016
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Carmakers intensify competition in plug-in hybrid car sector
Kia Motors Corp., South Korea's second-largest carmaker, said Monday it plans to roll out a plug-in hybrid version of its K5 midsize sedan next month, the latest in a series of moves by carmakers to jostle for a position in the country's nascent market for eco-friendly vehicles.The vehicle, debuted at the Busan International Motor Show earlier this month, can travel up to 44 kilometers in electric mode. When the battery runs out, the vehicle can be switched to hybrid mode.Kia's larger sister com
June 13, 2016
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[Herald Interview] Mobile app brings change in used-car market
Mobile app-based start-ups offering a business platform are changing the used car market, attracting car buyers seeking a better deal.Mobile trading is a new growth area for the used-car market in Korea, which has long been dominated by the traditional offline dealer-based transactions. Hey Dealer is one such newly created mobile application offering O2O services to used-car buyers. “Hey Dealer seeks to match offline used-car dealers with customers who want to sell their cars with minimal effort
June 12, 2016
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Accumulative global EV sales exceed 1 million units in 2015
The accumulated global sales of electric cars surpassed 1 million units for the first time last year, proving the eco-cars can take root as a segment of the global auto market, according to an annual research report released by the International Energy Agency, a leading global energy think tank, on June 6. IEA’s global EV outlook for 2016 showed the accumulated sales of electric cars across the world reached 1.26 million units last year. Kia Motors’ Soul EVs are lined up for charging in Seoul.
June 12, 2016