Lotte has decided to borrow another $300 million to support Lotte Mart in China, according to the company on Thursday, as the discount chain continues to struggle amid negative Chinese consumer sentiment toward Korea.The funds will come through Lotte Shopping Holdings in Hong Kong, which owns the Lotte Mart China corporation. This the second loan made to Lotte Mart China, following an initial loan in March of a similar amount. A consumer passes by a closed Lotte Mart in China. (Yonhap)In March,

Shinsegae DF temporarily stored its duty-free products in a disabled restroom at Incheon Airport on Thursday morning due to a lack of space in the pickup area, the airport corporation and Shinsegae DF confirmed Friday, after complaints raised the previous day.“Our pickup area is much smaller than that of Lotte Duty Free or Shilla Duty Free, and the airport instructed us to temporarily keep the products in the restroom,” said a spokesperson for Shinsegae DF.Once duty-free products are purchased a

Bong Joon-ho’s latest film “Okja,” which has been receiving international attention both for its unique story and the controversy surrounding its backer Netflix, was screened to the press Monday for the first time in Seoul.The film centers on the relationship between Mija, a country girl living in the mountains and played by 13-year-old Ahn Seo-hyun, and Okja, a super pig who boasts remarkable physical capabilities, intelligence and gentleness.Mirando, a multinational food research corporation h

The cast of “Okja” is coming to Korea next week despite the controversy surrounding its theatrical release in Korea.　Hollywood actors Tilda Swinton, Steven Yeun, Giancarlo Esposito and Daniel Henshall will be present at the red carpet event for “Okja” at Seoul’s Yeongdeungpo Times Square mall Tuesday at 7 p.m., Netflix announced Tuesday. 　The film’s Korean cast members Ahn Seo-hyun, Byun Hee-bong and Choi Woo-sik will also attend the event.　Swinton, Yeun, Esposito, Ahn and Byun will participate

The former vice chairman of Lotte is attempting to halt Lotte Chairman Shin Dong-bin‘s efforts to create a Korean holding company of the group, according to law firm Barun Law on Monday.The firm, which represents former Vice Chairman Shin Dong-joo’s SDJ Corporation, said that it had filed for an injunction with the Seoul Central District Court to prevent four Lotte companies from merging their investment entities to create a central holding company.  Chairman Shin Dong-bin (Lotte)According to Ch

US President Donald Trump’s insistence that South Korea should pay for a newly deployed US anti-missile system threatens to overturn agreements and breaks faith between the two countries. Trump said in an interview with the Washington Times on Friday, “Why should we pay for it? … I respectfully say that I think it would be appropriate if they paid for it.”　His remark came a day after he made similar comments for the first time in another interview with Reuters. “I informed South Korea it would b

No bids were placed for the fashion and accessories duty-free area in the second terminal at Incheon Airport, officials said Thursday.A spokesman for the airport corporation said the result was “unexpected” and the airport was currently “reviewing plans for another tender.”(Yonhap)The fashion and accessories area was one of three licenses open to bids from large companies at the second terminal. Four companies, including Lotte Duty Free, Shilla Duty Free, Shinsegae DF and Hanwha, placed bids on

Incheon International Airport Corp. on Wednesday accepted bids from duty-free companies hoping to open shops in its new second terminal, pushing bidders to outdo rival’s offers while facing an uncertain revenue forecast.Lotte Duty Free, Korea‘s largest duty-free operator, submitted bids for each of the three slots reserved for large companies, alongside Shinsegae DF, Shilla Duty Free and Hanwha Galleria. Doosan, which was also considering a bid, decided not to apply for a slot.A duty-free store

South Korea's liberal Democratic Party on Monday renewed its call for a parliamentary inspection of the ongoing deployment of a US missile defense system, raising suspicion that the government may have pressured a local company to agree to offer land to host the missile shield unit.The largest political party's special committee on the issue insisted Lotte Group's decision to provide its 18-hole golf club in Seongju, 300 kilometers southeast of Seoul, was made under government pressure, if not c

However luminous the brains of the leaders at Beijing’s Jongnanhai may be, the current Chinese “countermeasures” on Korea’s decision to introduce the US-built Terminal High Altitude Area Defense system are unjustified and inappropriate. Above all, they will be counterproductive. 　While we were in the impeachment turmoil over the past few months, China took a variety of restrictive measures on Korean businesses and pop entertainers operating in the country. It appeared that anti-South Korea hyste

Lotte Group continues to be the target of government inspections in China, as tensions rise between the country and Korea over the deployment of a US anti-missile system here.On Wednesday, Lotte Shanghai Food Corp.’s chocolate factory was directed to shut down for one month after a building safety inspection Monday.  (Yonhap)The corporation is a 50-50 joint venture between Lotte Confectionery and US-based candy maker Hershey’s. “In cooperation with the government, as of March 8, the LSFC factory

Korean tech and retail giants are on high alert over the changing political climate in their biggest export markets, the US and China.With the US moving to a protectionist stance in its international trade and China seemingly choosing to retaliate through trade against Seoul’s decision to deploy a US Terminal High Altitude Area Defense, Korea’s key exporters, including Samsung, LG and Lotte, are bearing the brunt of the political pressure. The US, which is Samsung and LG’s largest handset and ho

The latest trade tension with China comes in the form of a new registration process for certain cosmetics imported from South Korea to China through ports in the Pudong New Area of Shanghai. The measure took effect Wednesday, according to the Korea International Trade Association Thursday.The new cosmetics regulations, which were announced in January, allows certain cosmetics brought in through Pudong to be distributed after a simple registration process before going through the existing license

Saturday’s announcement of six new duty-free licenses in South Korea brought a sense of closure to heated competition, yet simultaneously amplified ongoing debates on the efficacy of the current licensing process on duty-free operations.The Korea Customs Service gave three highly-coveted duty-free licenses to conglomerates in Seoul, bringing the total number of duty free shops in the capital to 13.The golden tickets went to Shinsegae DF, Hyundai Department Store and Lotte Duty Free, after a long

The special investigation team has imposed travel bans on conglomerate chiefs as it prepares to dissect the political scandal involving President Park Geun-hye and her confidante Choi Soon-sil, according to news reports on Sunday. Samsung Electronics’ Vice Chairman Lee Jae-yong, SK Group’s Chairman Chey Tae-won and Lotte Group’s head Shin Dong-bin have been banned from travelling abroad. The ban came as the independent counsel team is set to begin a 70-day investigation into the scandal from Mon